Saturday, August 9, 2014

Com2uS -- a Korean Unicorn

Com2uS's market cap exceeded US$1.2 billion today -- making it a Korean unicorn.

We invested in Com2uS in 2005 believing that mobile games would be a great new category but worried that a Korean startup would have limited upside.  Many worry about the relatively small Korean market.  VC's generally don't raise this issue about Israeli startups, because of their ability to go global.

For the last quarter, Com2uS reported record revenues of $41.5 million USD (43 billion KRW) and profit of $13.5 million USD (14 billion KRW).  

Interestingly, 68% of revenues came from outside Korea.  Com2uS's games are succeeding globally.  For example, Summoners War: Sky Arena (an RPG game) made the Top 10 for top grossing apps in 34 countries on Google Play and in 30 countries on iOS.  “We were able to secure our presence in both major and emerging markets around the world with the global success of Summoners War and Ace Fishing,” said Baek Yong Choi, Com2uS CFO. “With offices in the US, Korea, Japan, and China, we plan to solidify ourselves as the global leader in mobile games by leveraging our user base and know-how with all our titles going forward.”

Congratulations Com2uS!!  Also for becoming a Korean startup role model.

1 comment:

  1. Thank you for being a great advisor to help Com2us go global!

    ReplyDelete