VNG invests in S. Korean gaming unicorn

Created 30 March 2022

Economy & Money - Business

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Vietnamese tech giant VNG Corporation has joined the series B funding of Haegin, a billion-dollar South Korean startup that owns the popular Play Together and other mobile games.

Haegin raised US$81 million from VNG and some S. Korean funds, but VNG refused to disclose the amount it invested.

A spokesperson for the Vietnamese company said the investment is meant to expand into the international market and become a global investor, especially in the metaverse sector.

Founded in 2017, Haegin is the first mobile game developer listed on S. Korea’s KOSDAQ stock exchange. Its Play Together has seen 80 million downloads and has four million daily active users, and its other games include Home Run Clash and Overdogs.

People familiar with the matter previously told Bloomberg that VNG is considering going public in the U.S. through a reverse merger with a blank-check company, which could put its valuation at $2-3 billion.

Last year VNG reported a gross loss of VND283 billion ($12.4 million).

Source: VNE

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