Snap is being probed over its IPO because some investors are salty about losing money

Here’s something I didn’t expect to read today. The U.S. Justice Department and Securities and Exchange Commission has subpoenaed Snap for details on its IPO apparently in connection with a lawsuit from disgruntled shareholders who claim the company played down its rivalry with Instagram. Reuters first reported on the subpoenas which Snap has confirmed. Precise details […]

Korean AI startup Skelter Labs lands strategic investment to expand to Southeast Asia

Korean AI startup Skelter Labs is expanding to Southeast Asia after it pulled in undisclosed funding from Singapore-based VC firm Golden Gate Ventures. Skelter Labs was founded in 2015 by founded by Ted Cho, the former engineering site director at Google Korea. It started out developing apps and services that made use of AI but then […]

Chat app Line’s games business raises $110M for growth opportunities

Messaging app firm Line has given up majority control of its Line Games business after it raised outside financing to expand its collection of titles and go after global opportunities. The Line Games business was formed earlier this year when Line merged its existing gaming division from NextFloor, the Korea-based game publisher that it acquired in […]

Mobile social network Path, once a challenger to Facebook, is closing down

It’s that time again, folks, time to say goodbye to a social media service from days past. Following the shuttering of Klout earlier this year, now Path, the one-time rival to Facebook, is closing its doors, according to an announcement made today. (Yes, you may be surprised to learn that Path was still alive.) The […]

Toss, Korea’s top payment app, raises $40M from Sequoia China and Singapore’s GIC

The largest payment app in South Korea, Toss, has pulled in $40 million in fresh investment from Singapore sovereign wealth fund GIC and Sequoia China. The deal for Viva Republica, Toss’s parent company, comes just over a year after it raised $48 million from payment giant PayPal and others. There’s no disclosed valuation for this newest […]

Skelter Labs raises $9M to help put Korea on the global AI map

China and the U.S. are the two countries most closely associated with artificial intelligence technology, but a startup in Korea is out to add its nation to the mix after it raised more than $9 million from some big-name investors. Skelter Labs, which was founded in 2015 by the former head of tech at Google Korea, […]

Chat app Kakao’s games business lands $130M from Tencent and others ahead of IPO

Korea’s dominant messaging firm Kakao is back raising funds after its games business, a standalone unit that is headed for an IPO, pulled in $130 million (140 billion KRW) from Tencent and a range of other strategic investors. The company, which owns Korea’s top mobile messaging app and one of the country’s largest internet portals, […]

Korea’s Kakao eyes overseas acquisitions following $1 billion raise

Korea’s Kakao, the internet giant behind the country’s top messaging app, is actively seeking overseas investment opportunities after it raised $1 billion via a placement. Kakao is valued at over $7 billion and its services are used by more than 40 million people. The company, which counts Tencent as an early investor, now appears to […]