Seoul— South Korean tech giant Naver announced Sunday that it will establish a U.S.-based subsidiary, Naver Ventures, focused on investing in promising local startups. The new entity is expected to launch later this month in Silicon Valley.
Naver Ventures will be the company’s first overseas investment arm. Its inaugural investment will be in Twelve Labs, a South Korean AI startup with operations in the U.S., according to a company statement reported by Yonhap news agency.
“Silicon Valley is a cradle of innovation where skilled professionals and cutting-edge technologies converge. That’s why we chose it as the base for our first overseas investment firm,” said Naver CEO Choi Soo-yeon.
Amid global economic uncertainty, Choi noted that many startups are struggling to secure funding. Naver aims to support such companies by providing stable financial backing to help them grow and scale in the U.S. market.
Naver founder Lee Hae-jin emphasized the importance of collaboration in the AI era, saying, “Diversity is increasingly important. That’s why partnerships with a broad range of players are essential for Naver.”
In a separate development, Choi met with Netflix executives in Los Angeles last week to discuss the performance of their ongoing partnership and explore future collaborations. She held talks with Netflix co-CEO Greg Peters and Maria Ferreras, the streaming giant’s global head of partnerships, alongside Naver Webtoon CEO Kim Jun-koo and Chief Strategy Officer Kim Yong-soo.
The partnership, which allows South Korean Naver Plus members to access Netflix’s ad-supported tier at no additional cost, has led to a 1.5-fold increase in Naver Plus sign-ups. Netflix, in turn, has expanded its reach in the South Korean market.
Naver credited Choi with spearheading the collaboration between the two companies since last year. (Source: IANS)
