 "South Korea's KB Group invests $100 mn in Elev8 Venture Partners Fund")
KB Group, South Korea's largest financial services provider, will ally with Elev8 Venture Partners as an anchor investor and through its subsidiary KB Investment. KB has committed $100 million, including co-investments, to the Venture Catalysts-backed fund.
KB Group will work with Elev8 to identify investment opportunities in Indian technology companies and to support it with portfolio management. Elev8 will further help its portfolio companies expand in Southeast Asia.
The firm said in a statement KB's global experience, operational capabilities, and network of strategic relationships will assist Elev8's portfolio companies to expand their global presence and strengthen its products in markets.
“We have spent over a year with diligence and concluded that Elev8's management team is by far the best team to invest at the growth stage,” said Eric Yoo, executive managing director at KB investment.
“Their exceptional track record, prospective portfolio pipeline, and proprietary data algorithms have presented a strong proposition for us to join hands. Furthermore, Navin and the VCats group provide unprecedented access and network to early-stage startups, which will assist elev8 in future deal flow and investments,” he said.
KB investment is part of KB holdings which manages over $400 billion worth of assets.
“We are extremely excited to partner with KB investment. We believe their expertise in the SEA market will add value to growth-stage companies in our portfolio,” said Navin Honagudi, co-founder and managing director of Elev8.
“We are working towards creating a strong Institutional investor base for Elev8. Given the LPs' overwhelming response, we are targeting a first close in the first quarter of next year, much ahead of our plan,” said Anuj Golecha, co-founder of Venture Catalysts.
KB has investments in Pharmeasy, Spinny, Tracxn, Fareye, Rupeek, Vedantu, and other companies.
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