Korelya to manage extra €100m on behalf of Naver

Naver previously invested €100m in the fund via its subsidiary Line. The fund, which now has €200m under management, is designed to back European technology companies.

Its investments are selected and managed by Korelya Capital, headed by France's former secretary of state for digital affairs Fleur Pellerin. Pellerin stated that this renewed corporate venture commitment by a large Korean player was testament to the attractiveness of Europe's (and particularly France's) technology startup scene.

Korelya has already made four investments via K-Fund I. Notably, it took part in a €100m funding round for high-end speakers maker Devialet, supported by Ginko Ventures, BPI France, CM-CIC Investissement and other backers in December last year.

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