New York’s VC Tantan Global Partners enters Korean market

Director Sonia Park

Venture capital firm Tantan Global Partners (TGP), known for its early investments in startups recognized by Jeff Bezos and Bill Gates, is making a significant entry into the South Korean market. The firm aims to be a catalyst for funding Korean startups in various fields, including AI semiconductors, software, energy, and biotech.

According to industry sources on Monday, TGP is preparing to open a branch in Korea. TGP has built its reputation via early investments in AI semiconductor and data center solution companies and has invested about 100 billion won ($73 million) to date.

“Our goal is to support the early investment and growth of Korean startups while serving as a bridge between Korean and international companies. We aim to create a symbiotic environment that supports the growth of our portfolio and global partnerships,” TGP Director Sonia Park said.

Founded in 2017 in N ew York, TGP is a family office that not only engages in proprietary investment (PI) but also leverages various investment vehicles of its subsidiaries to act as a General Partner as well as a Limited Partner. Park highlighted that while TGP primarily operates in the United States, it is also actively investing in Europe and Vietnam.

One of TGP’s most successful investments is in MoonPay, a global fintech company. TGP played a pivotal role as a leading investor via hodl.vc, playing a part in MoonPay’s establishment in 2018. MoonPay enables cryptocurrency transactions using traditional payment methods and now boasts over 20 million customers in 160 countries, with a company valuation of about 5 trillion won.

Another notable investment is in the e-sports company FaZe Clan, which TGP supported from the seed stage. FaZe Clan, valued at 1 trillion won, went public on NASDAQ in 2022. TGP is also considering reinvestment in data management startup Hammerspace, which recently secured a 100 billion won contract with Meta and has garnered the interest of Jeff Bezos, the founder and chairman of Amazon.

TGP has high expectations for Numenta, a Silicon Valley-based company specializing in neuroscience AI solutions. Co-founded by AI expert Jeff Hawkins, who developed the first commercial personal digital assistant (PDA), Numenta focuses on AI accelerator software based on the “thousand brains theory of intelligence,” which closely mimics the human brain. The company has also secured investment from the Bill & Melinda Gates Foundation.

TGP officially entered the Korean market in 2023, aiming to help Korean companies gain global competitiveness through localized strategies and tailored support.

“We aim to support our portfolio companies in effectively entering local markets by acting as a hub connecting Korea and the world,” Park emphasized as she expressed TGP’s ambition to become the “Korean version of the Rockefeller Foundation,” aiming to have a positive impact on global society through private diplomacy and beyond financial investment.

Park is also increasing engagement with the Asia Society, founded by the Rockefeller family, which promotes understanding and cooperation between Asia and the world through culture, arts, and education. TGP, along with other international family offices, is preparing an impact fund to invest in projects that drive positive change in environmental, social, and governance (ESG) sectors.