Kakao Games to contribute 26 billion won to fund for indie game makers

Kakao Games will pour 26 billion won ($19.8 million) into a fund for indie game companies established by venture capital Kona Venture Partners, the Kakao subsidiary said Wednesday. Through the fund, Kakao Games will finance small-sized game ..

Kakao Games logo [KAKAO GAMES]

Kakao Games will pour 26 billion won ($19.8 million) into a fund for indie game companies established by venture capital Kona Venture Partners, the Kakao subsidiary said Wednesday.

Through the fund, Kakao Games will finance small-sized game developers in Korea seeking to make their way into the global market.

Companies that have been established within the last three years with less than 2 billion won of annual revenue are eligible to apply.

Kakao Games and Kona Venture Partners will jointly decide the number of companies that will be selected and the amount they will receive.

“The fund comes as a sign of Kakao’s dedication to the local community,” said Kakao Games CEO Cho Kye-hyun in a press release. “We will aim to give energy to the game market by doing what we do best and helping indie game developers.”

BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]