Nexon has decided to support independent developers from South Korea. To achieve this, they took an unusual step: they partnered with the Ministry of Culture, Sports and Tourism of the country and launched a multi-million dollar fund.
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The venture firm Kona Venture Partners also participated in creating the fund; it will operate under its brand and is named Kona Venture Fund VII.
In total, the fund amounts to 120 billion won ($77.6 million), with half provided by the South Korean government. In addition, Nexon is ready to invest up to 130 billion won ($84 million) more to support the most promising studios.
The fund will invest in gaming startups from seed investments to Series A stages. The money will be transferred in phases over five years.
According to Nexon President Junghun Lee, even experienced South Korean developers are finding it difficult to secure funding as many investors have lost interest in the gaming industry. He hopes that with the establishment of the fund, it will become easier for new teams to work, ultimately leading to the creation of more ambitious games in the country.