South Korean Company Afun Interactive Raises Additional Funds for Virtual K-Pop Universe

03/13/2023 13:28 • Blockchain Briefs • 82 views

On March 13, the South Korean “virtual K-pop” yuan universe company Afun Interactive announced that it had completed a round A bridge financing of 7 billion won (about US $5.3 million), and Shinhan Asset Management participated in the investment. The company raised 10 billion won (about US $7.6 million) in the previous round A financing. At that time, the investors included CJ Investment, Company K Partners and CJ ENM.

Afun Interactive, a company of Yuan Universe, completed the financing of round A bridge of US $5.3 million

Analysis based on this information:

Afun Interactive, a South Korean company that creates virtual K-Pop universes, announced on March 13 that it had completed a round A bridge financing of 7 billion won, equivalent to US $5.3 million. Shinhan Asset Management participated in the investment, as did CJ Investment, Company K Partners, and CJ ENM in the previous round A financing, which raised 10 billion won or US $7.6 million. This investment will help Afun Interactive scale up its operations and develop more immersive experiences for K-pop fans.

The rise of virtual reality and the internet has transformed the way we consume music and entertainment. K-pop, or Korean popular music, has become a global phenomenon, with millions of fans across the world. However, due to the COVID-19 pandemic and the restrictions on live performances, the K-pop industry has had to find new ways to engage with audiences. This is where Afun Interactive comes in, as it creates virtual reality spaces where fans can interact with their favorite K-pop stars, attend concerts, and even create their own music videos.

Afun Interactive has already created several successful virtual K-pop universes, such as “Imagirls,” “Xeno’dyssey,” and “Rilaccoco.” The company’s CEO, Lee Dong-hoon, stated that the latest investment will help the company “boost its expertise in virtual reality and scale up its operations to create a more immersive, interactive and global K-pop universe.”

The involvement of Shinhan Asset Management in the bridge financing round shows that there is significant investor interest in Afun Interactive and the potential of the virtual K-pop universe. As a leading asset management company in South Korea, Shinhan Asset Management’s investment is a positive sign of confidence in Afun Interactive’s business strategies and its future growth potential.

In conclusion, Afun Interactive’s recent bridge financing round highlights the growing popularity of virtual entertainment and the K-pop industry’s ability to adapt to changing circumstances. With this new round of funding, Afun Interactive can continue to develop innovative and immersive virtual experiences for K-pop fans globally. The involvement of Shinhan Asset Management reinforces Afun Interactive’s position as a market leader in the virtual K-pop universe, with significant potential for growth in the future.

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