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Investments

63

Portfolio Exits

5

Funds

2

About Seoul Investment Partners

Seoul Investment Partners is a venture capital firm established as a subsidiary company of Korea Information & Communications. It engages in venture investments, private equity investments, and M&A and management consulting.

Seoul Investment Partners Headquarter Location

Seoul,

South Korea

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Latest Seoul Investment Partners News

G2GBIO seeks further funds after $9.53M series B financing

Aug 18, 2020

HONG KONG – Daejeon, South Korea-based biotechnology company G2GBIO Inc. has raised ₩11.4 billion (US$9.53 million) from a series B financing round, with the funds to be used on clinical trials for a sustained-release Alzheimer’s treatment as well as nonclinical trials for diabetes and sustained-release postoperative pain treatments. Investors include Korea Investment Partners, Quad Investment Management, BNK Venture Capital Co. Ltd, Industrial Bank of Korea, Seoul Investment Partners, ARK Impact Asset Management and Emford Equity Partners. “Although it was not easy to obtain financing at the beginning of the COVID-19 outbreak, we had as many IR meetings as possible, and kept our focus on our technology’s core value to investors,” G2GBIO’s managing director for business development, Soojung Lee, told BioWorld. Industrial Bank of Korea invested the largest amount of $2.49 million, Korea Investment Partners invested $1.66 million, and Quad, BNK and ARK Impact contributed $1.25 million each. Seoul Investment Partners added $830,000, while Emford Equity Partners invested $580,000, and the remaining investors put in $190,000 each. Three company executives also participated in the fundraising, including the chief financial officer, the director of R&D, and the director of development. In addition to the funds raised so far, G2GBIO also has five research grants from the Ministry of Science and ICT, the Ministry of SMEs and Startups, the Ministry of Health and Welfare, and the Ministry of Trade, Industry and Energy, which will be used by the company to develop new technologies. Soojung Lee, managing director of business development, G2GBIO G2GBIO’s latest fundraiser comes after it gained ₩8 billion from a series A financing round in May 2018. Six institutional investors took part in that round, with the funds used to develop a long-acting microparticle production platform technology as well as to optimize the formulation of the company’s Alzheimer’s treatment. Lee added that further funds will be sought in the third quarter of 2021 but did not give further details. Founded in March 2017, “in order to develop sustained-release drugs for small-molecular drugs,” the company’s name stems from its vision, “Good to Globe by Innovative Bio-therapeutics.” The company is targeting entry into the U.S. market, “the largest medical market in the world,” according to Lee. The company is looking for partners both in Korea and overseas. G2GBIO is best known for its in-house-developed Innovative Long-Acting Microparticle, or InnoLAMP, platform for developing improved controlled-release drug products. The platform’s mass-produced microsphere injections improve drug efficacy from anywhere between one week to several months. It can also be applied to small-molecule drugs, including oral medications with low adherence, as well as peptide-based drugs, thus expanding the technology’s scope. The company is also looking at the potential use of InnoLAMP to improve the efficacy of drugs for diseases such as diabetes and cancer. It has filed 31 patents to date, of which 10 have been registered, and has so far secured treatments for Alzheimer’s disease (donepezil) and chemical castration. A second Alzheimer’s treatment (rivastigmine), a postoperative pain treatment, and a diabetes treatment are the newest additions to the pipeline. Heo-yong Lee, the CEO of G2GBIO, is looking to rapidly commercialize the drugs in the company's pipeline with the funds raised from the series B round. G2GBIO plans to submit an IND, which would allow it to begin clinical trials for donepezil in the fourth quarter of 2020. Donepezil’s distinguishing factor compared to other Alzheimer’s treatments currently available in the market is that is it administered on a monthly, instead of daily, basis. InnoLAMP also aims to address some of the challenges in conventional Alzheimer’s therapies. Taken one or twice daily, conventional medications trigger side effects that include gastrointestinal problems and allergic contact dermatitis. They also have poor therapeutic efficacy and thus increase costs for patients. G2GBIO’s sustained-release formulation would improve therapeutic efficacy and lessen the financial cost for patients. With one of the world’s most rapidly aging populations, the number of Alzheimer’s patients is increasing quickly in Korea. The country said in October 2019 that around ₩200 billion would be invested in a nine-year research and development project to find methods for prevention, early detection and a cure for the disease. Another Korean company developing a treatment for the disease is Biorchestra Co. Ltd, also based in Daejeon. Biorchestra’s solution for Alzheimer’s detects salivary phospho-tau and amyloid beta protein, two substances believed to be linked to Alzheimer's, to catch the disease as early as possible. The company gained a ₩5 billion investment from South Korean pharmaceutical company Chong Kun Dang Holdings in October 2019. Chong Kun Dang purchased conversion preferred stocks issued by Biorchestra, securing the latter’s Alzheimer's treatment portfolio.

Seoul Investment Partners Investments

63 Investments

Seoul Investment Partners has made 63 investments. Their latest investment was in Curocell as part of their Series D on January 1, 2022.

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Seoul Investment Partners Investments Activity

investments chart

Date

Round

Company

Amount

New?

Co-Investors

Sources

1/3/2022

Series D

Curocell

$30.13M

No

1

12/26/2021

Series A

RideFlux

$13.9M

No

2

12/20/2021

Series A

NineBiopharm

$6.73M

Yes

2

12/8/2021

Series C

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$99M

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10

9/30/2021

Unattributed VC - IV

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$99M

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10

Date

1/3/2022

12/26/2021

12/20/2021

12/8/2021

9/30/2021

Round

Series D

Series A

Series A

Series C

Unattributed VC - IV

Company

Curocell

RideFlux

NineBiopharm

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Amount

$30.13M

$13.9M

$6.73M

$99M

$99M

New?

No

No

Yes

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Co-Investors

Sources

1

2

2

10

10

Seoul Investment Partners Portfolio Exits

5 Portfolio Exits

Seoul Investment Partners has 5 portfolio exits. Their latest portfolio exit was Bitnine on November 01, 2021.

Date

Exit

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Acquirer

Sources

11/1/2021

IPO

1

2/5/2021

IPO

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$99M

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10

12/22/2020

IPO

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10

8/4/2020

Acquired

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10

7/10/2019

Acquired

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10

Date

11/1/2021

2/5/2021

12/22/2020

8/4/2020

7/10/2019

Exit

IPO

IPO

IPO

Acquired

Acquired

Companies

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Valuation

$99M

Acquirer

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Sources

1

10

10

10

10

Seoul Investment Partners Fund History

2 Fund Histories

Seoul Investment Partners has 2 funds, including Jeonbuk Ecomomy Vitalization Fund.

Closing Date

Fund

Fund Type

Status

Amount

Sources

2/28/2012

Jeonbuk Ecomomy Vitalization Fund

Diversified Private Equity

Closed

$13.4M

1

12/31/2011

Seoul Investment Early & Green Venture Fund

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$99M

10

Closing Date

2/28/2012

12/31/2011

Fund

Jeonbuk Ecomomy Vitalization Fund

Seoul Investment Early & Green Venture Fund

Fund Type

Diversified Private Equity

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Status

Closed

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Amount

$13.4M

$99M

Sources

1

10

Seoul Investment Partners Team

4 Team Members

Seoul Investment Partners has 4 team members, including current Chief Executive Officer, Kuk Shin Kang.

Name

Work History

Title

Status

Kuk Shin Kang

Chief Executive Officer

Current

Chun Sang Ahn

Managing Director

Current

Heung Soon Choi

Managing Director

Current

Byung Woo Lee

Managing Director

Current

Name

Kuk Shin Kang

Chun Sang Ahn

Heung Soon Choi

Byung Woo Lee

Work History

Title

Chief Executive Officer

Managing Director

Managing Director

Managing Director

Status

Current

Current

Current

Current

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