Shinhan Investment Corp. Recovers Investment from US Unicorn Moloco... "Returns Double the Amount"
[Asia Economy Reporter Lee Jung-yoon] Shinhan Investment Corp. announced on the 10th that it achieved a return of nearly double the principal amount within a year after investing in the US unicorn company Moloco.
The Shinhan Smilegate Global No.1 Private Equity Fund (PEF), jointly established by Shinhan Investment Corp. and Smilegate Investment as co-general partners (GP), recently completed the recovery of investment funds from part of the Moloco shares it invested in early last year.
Moloco, founded in 2013 in Silicon Valley, USA by CEO An Ik-jin, a former Google engineer, is a machine learning-based ad tech company that has achieved an annual growth rate of more than double. Based on this growth, Shinhan Investment Corp. made an investment in Moloco at a unicorn valuation, after which the global private equity and venture capital firm Tiger Global conducted a Series C investment at a valuation of $1.5 billion.
As of August last year, Moloco reached a cumulative investment amount of 235.5 billion KRW and, supported by successful fundraising and growth, plans to pursue a NASDAQ listing. Shinhan Investment Corp. plans to secure additional profits upon Moloco’s NASDAQ listing through the remaining shares after this equity sale.
Meanwhile, Shinhan Investment Corp. continues to make comprehensive equity investments worldwide, including in Carro, Southeast Asia’s largest used car platform, and Alvotech, a European biosimilar manufacturer.
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This year, it is making comprehensive investments in high value-added technology sectors leading innovation in the global next-generation mobility ecosystem. It has completed a total of three investments in the mobility sector by investing in Phantom AI, a US autonomous driving vision solution developer; Ascend Elements, a US company specializing in recycling spent batteries and manufacturing eco-friendly cathode materials; and Nexeon, a UK silicon anode material manufacturer.
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