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SK Networks, Bow Capital to invest in startups togetherBy Kim So-yeon
Published : May 31, 2023 - 14:46
SK Networks' US investment subsidiary, Hico Capital, announced Wednesday that it will pursue a partnership with global venture capital firm Bow Capital as part of efforts to nurture promising startups and bet on their growth potential.
The latest partnership comes after their top executives, including SK Networks President and Chief Operating Officer Choi Sung-hwan and Bow Capital Chairman Vivek Ranadive, held a meeting in Silicon Valley on Tuesday (local time).
During the meeting, the two companies agreed to share their accumulated experience and networks in supporting early-stage startups. The SK president, in particular, plans to play an adviser role for startups to secure funding or review business plans.
Located in Silicon Valley, Bow Capital is a venture capital investment firm led by Vivek Ranadive, the owner and chairman of NBA's Sacramento Kings. Established in 2016, the company is an early-stage venture fund partnered with the University of California system, which includes 10 campuses, six medical facilities and hospitals and three national research laboratories.
Hico Capital and Bow Capital both embrace the changes brought about by software and artificial intelligence and share a common belief that various opportunities will arise in areas such as climate management, digital business, sports and entertainment. Based on this understanding, the two companies plan to combine their investment experiences, networks and systems to provide differentiated added value, including investments in early-stage technology companies.
“Some part of investment profits will be used for shareholder benefits, including dividends,” an SK Networks official said. “Through the partnership with Bow Capital, we will not only strengthen our investment capabilities but also establish the foundation for expanding into the global investment market beyond early-stage startups.”
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