Shinsegae Group is speeding up its investment in new businesses. This is an unusual move amid a decrease in investment in startups due to the worsening economy.
According to the Financial Supervisory Service’s electronic disclosure system on the 13th, Signite Partners recently decided to raise funds worth 10 billion won for a total of 2 million shares in the form of a paid-in capital increase allocated to shareholders. Shinsegae International will receive 5 billion won, Shinsegae Department Store 3 billion won, and Shinsegae Central City 2 billion won, respectively.
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Signite Partners is a venture capital (CVC) of Shinsegae Group, which was launched in 2020. It is led by CEO Moon Sung-wook, the husband of Shinsegae General President Chung Yoo-kyung. It has invested in more than 30 places, including fashion platform Avely, used trading platform Lightning Market, and healthcare company Huino.
Signite Partners recently invested 4 billion won in food tech company Kukat and sold its stake in six months, raising a 12% return. Kukat was acquired by GS Retail. Signite Partners plans to invest in retail tech, food tech, green retail, fashion, and beauty in the future.
An official from Signite Partners said, “We have decided to raise paid-in capital to raise investment funds such as creating new funds,” adding, “We plan to create five to six new funds in the future.”