JoyCity invests $5 million in Chinese webtoon platform 'Kuaikan'
[Asia Economy Reporter Kang Nahum] JoyCity announced on the 26th that it has made a $5 million (approximately 5.8 billion KRW) investment in the famous Chinese webtoon platform 'Kuaikan.'
This investment was made by purchasing redeemable convertible preferred shares (RCPS) issued by Kuaikan. The total size of this round was $240 million, and a consortium led by SKS PE, including One Store, NH PE, YES 24, and JoyCity, made investments totaling 95 billion KRW.
JoyCity focused on Kuaikan's high growth potential. Founded in 2014, Kuaikan is a webtoon platform that has achieved rapid growth, surpassing 340 million cumulative users and 50 million monthly active users in its eighth year. It is also preparing for a listing on the Hong Kong stock exchange next year.
JoyCity plans to strengthen its partnership with Kuaikan to explore cooperation methods for entering the Chinese market with webtoons produced by its subsidiary Roadbee Webtoon and to create various synergies.
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JoyCity CEO Cho Sung-won said, "Kuaikan is a platform based on a large domestic market in China that can expand beyond webtoons into various content. We expect explosive growth driven by diverse IP businesses based on its high market share."
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