Tokyo-based Global Brain, a Japanese VC firm focused on investing in startups, signed an MoU (memorandum of understanding) with the Asan Nanum Foundation, a non-profit organization backed by Korea’s leading conglomerate Hyundai to help nourishing startups and entrepreneurship, on Wednesday in Seoul. Based on the partnership, the Japanese firm announced that it has set up a regional office in Campus Seoul, Google’s state-of-the-art incubation facility which was just launched last week in Korea’s startup hub area of Gangnam. The firm recently announced that it has also launched its Singapore office.
Collocating resident investors like 500 Startups, Maru180, the incubator of the Asan Nanum Foundation, has an incubation space in Campus Seoul. Upon the launch of the new local office, Global Brain wants to strengthen investments in Korean startups and help with market expansion into the Japanese market as well as encouraging Japanese enterprises to enter the Korean market in partnership with Maru180.
Global Brain announced last year that it had appointed Chester Jungseok Roh as chief representative for its Seoul office, however he will step down from the position and become an advisor for the company because he will launch a new startup. To make up for that, the firm’s venture partner Jooil Hong will be appointed as the new representative for the Seoul office.
Prior to joining Global Brain, Hong had been previously supervising the growth strategy department of Kakao and Daum Kakao (KOSDAQ:035720), Korea’s leading internet companies, following his founding of several startups. Leveraging a vast network that Maru180, Campus Seoul, Roh, and Hong have realized in the local startup community, the firm looks to explore prominent startups and more investment opportunities in Korea.
Edited by “Tex” Pomeroy