Primer Sazze Partners closes $127M second fund aimed at South Korean entrepreneurs – TechCrunch

Primer Sazze Companions, a San Jose-based enterprise capital agency, introduced at present it has raised its second fund at $127 million (150 billion received) to put money into startups based by Korean entrepreneurs in Asia and North America.

South Korea-based conglomerate LG Company and Hana Monetary co-led the second fund, with participation from quite a few Korean tech entrepreneurs, together with Saeju Jeong, CEO of Noom; Tim Hwang, CEO of FiscalNote; John Kim, CEO of SendBird; Chang Kim, CEO of Tapas Media; and Bong-Jin Kim, founding father of Woowa Brothers. 

Its complete property beneath administration (AUM) is now roughly $170 million, mentioned founding associate of Primer Sazze Kiha Lee. 

The second fund will put money into early-stage startups, from pre-seed to Sequence A, Lee mentioned. Preliminary ticket dimension will vary between $500,000 and $3 million and follow-up checks. 

Primer Sazze will give attention to synthetic intelligence, SaaS, well being tech, meals tech, client and sectors that reap the benefits of Korean tradition, like drama, motion pictures and Ok-pop bands, Lee continued. 

One among Primer Sazze’s key methods is to assist its portfolio corporations speed up their world growth with a mission to assist Korean founders of their early-stage startups in Asia and North America.

Picture Credit: Primer Sazze

Primer Sazze Companions launched its first fund with $42.9 million (50 billion received) in 2018. Its portfolio totals greater than 50 startups, together with Kippo, LOVO, Imprimed, Chequer World, Zikooin Firm, Upstage AI and DoctorNow within the U.S. and Korea. 

The VC agency invested seed rounds in Upstage AI and LOVO; each raised Sequence A within the third quarter of this 12 months.

Lee mentioned the Korean tech entrepreneurs, who joined as restricted companions within the second fund, will work alongside Primer Sazze to offer the advisory, mentorship and strategic assist for the subsequent technology of Korean founders. 

“Korea is at its tipping level the place the extent of high-tech industries, abilities and the rising market dimension with the rising world consciousness of Korean tradition…We’re excited to kind a stellar group of advisors with probably the most profitable Korean tech entrepreneurs as we share the mission of fostering the subsequent technology of Korean entrepreneurs throughout the globe,” Lee mentioned.