Korean Linkedin-aspirant Remember nets $134 mn in Series D funding

Drama & Company, the operator of the country¡¯s No.1 business card app Remember envisioning Korean version of Linkedin, will raise 160 billion won ($134.4 million) in series D funding from investors including private equity fund Ark & Partners and Saramin HR.

According to sources from the investment banking industry on Monday, Drama & Co. signed an agreement to receive the investment from Ark & Partners-led investors. Ark & Partners will become the largest shareholder and Saramin HR, the subsidiary of Dow Kiwoom Group, will become the third after the funding.

The company plans to use the new funds to recruit talents and acquire companies in order to grow Remember as a comprehensive business portal. ¡°Remember will make the most of its data on workers, the largest in the country, to lead the changing trend in the job market,¡± the company said.

The nation¡¯s No.1 job portal Saramin has decided to make an investment in the company on expectations that Remember will grow bigger on strengthening preferences of businesses for skilled workers over new employees.

Remember was launched in 2014 by Choi Jae-ho, Drama & Co. CEO, with hopes to develop it as a business people networking platform like Linkedin. It now has 3.5 million users.

Ark & Partners is a nascent PEF established last year by former co-CEOs of VIG Partners Ahn Sung-wook and Kim Sung-min. They had led several big-name M&A deals at VIG Partners.

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