Global VCs, Including a16z Crypto and Mangusta Capital, Expand Operations in South Korea
Global venture capital firms are increasingly focusing on South Korea as a key investment hub amid challenges in Asia. Andreessen Horowitz (a16z) Crypto opened a Seoul office and appointed Park Sung-mo as head of Asia-Pacific operations, citing South Korea's position as the world's second-largest cryptocurrency market.
Mangusta Capital, founded by Kevin Jiang, is recruiting a Korea-focused investment manager to build relationships within the local tech startup ecosystem, emphasizing vertical AI and consumer tech. The South Korean government is facilitating capital inflows through a global fund, which mandates investments of at least $30 million in local startups.
Third Prime Capital, a fund manager, has invested 17 billion Korean won in Bon, a defense tech startup. Experts note that continued global interest hinges on successful outcomes from South Korean startups.
