Korea’s homegrown cloud service Megazone Cloud draws $343 mn in Series C

2022.09.28 10:24:35 | 2022.09.28 10:25:00

[Photo by Megazone Cloud]이미지 확대

[Photo by Megazone Cloud]

Megazone Cloud, South Korea`s homegrown managed cloud service provider, attracted 450 billion won ($343 million) from prominent investors, including the National Pension Service, in a Series C funding round, according to the investment banking industry on Tuesday.

South Korea`s largest native managed cloud service provider drew 250 billion won from MBK Partners and 200 billion won from IMM Private Equity in its latest funding round. The National Pension Service is said to have chipped in 100 billion won in the IMM’s fund as a joint investor, according to sources. Korea’s biggest institutional investor invested in the company three years ago during its Series A funding round.

In the first funding round in 2019, Megazone Cloud received a combined 48 billion won from 23 investors, including the NPS and state-run Korea Development Bank. In a Series B funding from 2020 to 2021, the firm attracted a total of 190 billion won. After its second funding round, Megazone Cloud’s corporate value was estimated at 600 billion won. The startup plans to go public by the end of 2023.

After spinning off from its parent Megazone Corp. in 2018, Megazone Cloud has cemented its position as the largest managed cloud service provider in Korea. It also holds overseas operations in countries such as the U.S., Canada, China, and Japan.

In 2015, the firm became the first premier consulting partner of Amazon Web Services in Korea. It has since contributed to the growth of the local cloud market.

By Kang Doo-soon, Cho Yoon-hee, and Jenny Lee

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