Kakao and SKT Launch ESG Fund... 3 Startups Receive 3 Billion KRW Investment

[Asia Economy Reporter Buaeri] Kakao and SK Telecom have started investing in innovative startups through a jointly funded 'ESG (Environmental, Social, and Governance) Fund.'

On the 20th, according to Kakao and SK Telecom, they invested a total of 3 billion KRW in three companies: 'Coactors,' which provides taxi services operated by hearing-impaired drivers; 'Sensi,' which offers braille content for the visually impaired; and 'Marvelous,' which provides metaverse-based educational content for children.

The companies explained that unlike typical startup investments focused on profitability and growth, this investment prioritized ESG innovation that can have a positive social impact.

In the case of Coactors, it contributes to job creation and income improvement for the hearing impaired. With this investment, they plan to increase the number of operating vehicles from 20 to 100.

Sensi is an innovative startup that possesses technology to automatically convert digital documents into braille, reducing the braille book publishing period from 4-6 months of manual work to just one day.

Marvelous is a company with a vision to enable anyone to receive high-quality education fairly in virtual spaces, overcoming economic conditions caused by income disparity and geographical barriers.

Kakao and SK Telecom each invested 10 billion KRW in August to establish a total 20 billion KRW ESG fund, the first of its kind in the ICT industry. UTC Investment is managing the fund.

Through the ESG joint fund, the two companies will continue to discover and nurture innovative startups in areas where various social issues arise, such as the environment, socially vulnerable groups, and educational gaps. They plan to build a virtuous cycle process for startup growth by providing invested startups with business partnerships and global joint expansion opportunities with the two companies.

Park Yong-joo, SKT’s ESG officer, said, "The ESG joint fund will act as a partner for innovative startups solving social challenges for the environment and socially vulnerable groups through ICT technology and services. We will provide systematic support from discovering ESG startups and business support to investment, partnerships, and cooperation."

Baek Jae-hyun, Chief Investment Officer (CIO) of Kakao, stated, "Together with SKT, we aim to help the growth of ESG innovative startups and create a virtuous cycle structure where these companies can exert a positive influence on our society."

This content was produced with the assistance of AI translation services.