Focus on the Crypto field and expand the scope of future activities
Director Park Sung-mo works as the base of the Seoul office
Andreesson Horowitz (a16z), a leading global venture capital (VC) in Silicon Valley in the U.S., which operates about $100 billion (about 150 trillion won) in assets, opened a Seoul office.
A16z announced on the 15th that it has established a Seoul office to support portfolio companies’ entry into Korean and Asian markets since announcing their plans to enter Asia in December last year.
In addition to simple investments, a16z supports portfolio companies entering and growing the market based on a global network spanning talent recruitment, business development, policy cooperation, media support, and building partner communities.
a16z selected South Korea as a strategic base in Asia for its global competitiveness, excellent technical talent, and high market acceptance in various industries such as AI, manufacturing, defense, crypto, content, and consumer goods. The a16z Korea office will initially focus on the crypto sector and then gradually expand its scope of activities.
A16z plans to actively contribute to the development of Korea’s startup ecosystem based on its experience and capital in discovering and growing major startups such as SpaceX, Instagram, Facebook, and Airbnb. It will also create opportunities for cooperation between its portfolio companies and Korean companies.
Park Sung-mo, general manager of the a16z Crypto Asia-Pacific region (GTM), who was appointed with the announcement of a16z’s entry into Asia in December last year, will be based in the Seoul office. Park supports a16z crypto portfolio companies to enter the Korean and Asian markets based on their experience at Naver and the Monad Foundation.
It will also support business development, partnership building, and ecosystem connection based on understanding domestic networks and markets, helping portfolio companies successfully settle in new markets and secure more growth opportunities.
“a16z is focused on supporting portfolio companies’ growth and market entry beyond simple investments,” Park said. “We will actively pursue portfolio companies’ entry into Korean and Asian markets based on our Seoul office.”