HAEGIN Valuation, Funding & Investors

HAEGIN is valued at $1B as of February 2022.

Last HAEGIN valuation

$1B

Series B · Feb 2022

Last HAEGIN funding round

$39M

Strategic investment · May 2022

Cumulative funding HAEGIN raised

$129M

across 3 funding rounds

Key investors in HAEGIN

  • BonAngels Venture Partners
  • Storm Ventures
  • Kona Venture Partners
  • Netmarble
  • Tencent
  • Lotte Ventures

HAEGIN Overview

About HAEGIN

HAEGIN is a Seongnam-based video game developer founded in 2007 that specializes in massively multiplayer online role-playing games. The studio delivers titles such as Dragon Raja Mobile and Blade & Soul Revolution for mobile platforms, alongside PC games like Justice Online. With a focus on high-quality graphics and immersive worlds, HAEGIN collaborates with global publishers including Tencent for distribution in Asia and beyond. The company maintains studios in South Korea and China, supporting a pipeline of cross-platform releases that blend action combat and open-world exploration.


Founded

2017

HQ

South KoreaSeoul

Website

haegin.kr

Status

Privately held

Customer focus

B2C

Revenue model

Product sales

Valuation

$1B (Feb 2022)

HAEGIN Valuation

HAEGIN is currently valued at $1B, based on its Series B in February 2022.

The $82M round included Kakao Games, Lotte Ventures, VNG, Neptune Investment Management, Storm Ventures and 6 other investors.

HAEGIN valuation by funding round

HAEGIN valuation by funding round
DateStageValuation
Feb 2022Series B$1B

HAEGIN Funding History

HAEGIN has raised a total of $129M across 3 funding rounds.

HAEGIN's first fundraising round was a $7M Series A in May 2018. The most recent completed round was a $39M strategic investment round in May 2022.

HAEGIN funding rounds

HAEGIN funding rounds
DateStageInvestorsRaisedValuationDeal Summary
May 2022Strategic investmentSK Square$39M-HAEGIN is a Korean mobile game developer launched in 2017, known for its gaming platform 'Play Together,' which includes over 30 mini-games and social elements, achieving more than 100 million downloads and over 4 million daily active users. In May 2022, HAEGIN raised approximately $39.19 million (KRW 50 billion, with SK Square and SK Telecom each investing KRW 25 billion or $19.7 million) in a Series B-II round, marking its latest funding at that time as part of total funding of $129.79 million across four rounds with 15 investors. This investment positioned SK Group affiliates as the third-largest shareholder in HAEGIN. The funding aligns with SK Telecom and SK Square's strategies to expand into AI and metaverse technologies, with SKT collaborating on AI services and SK Square focusing on ICT and metaverse opportunities. The round reflects broader SK Group interest in gaming, Web3, and immersive technologies amid metaverse growth.
Feb 2022Series BKakao Games; Lotte Ventures; VNG; Neptune Investment Management; Storm Ventures; BonAngels Venture Partners; Kona Venture Partners; Netmarble; KDB Bank Europe; Alois Ventures; NetEase Capital$82M$1BHAEGIN is a Korean mobile game startup founded in September 2017 by Lee Young-il, co-founder of Com2uS, specializing in casual social games like 'Play Together,' 'Home Run Clash,' 'Overdogs,' and 'Extreme Golf.' The company attracted a Series B investment of 100 billion won ($82 million) around February 2022 from investors including Alois Ventures, BonAngels Venture Partners, Kakao Games, KDB Bank Europe (KDB Industrial Bank), Kona Venture Partners, Lotte Ventures, Neptune Investment Management, NetEase Capital, Netmarble, Storm Ventures, and VNG, achieving unicorn status with a valuation close to 1 trillion won ($8 billion). This round built on earlier funding, including over 8 billion won from Storm Ventures, Tencent, Bon Angels, Netmarble-Kona Fund, and Devsisters at inception. The investment funds were earmarked for recruiting talent, improving the work environment, expanding game business investments, and strengthening capabilities to become a global game company. HAEGIN planned to enhance services for its main titles and develop two new mobile games in sports and RPG genres for release that year. In May 2022, HAEGIN raised an additional Series B - II round of $39.19 million (50 billion won) from SK Square and SK Telecom, bringing total funding to approximately 150 billion won ($117 million) and confirming its unicorn trajectory. 'Play Together' had surpassed 100 million downloads worldwide by then. Post-investment collaborations with SKT focused on AI-VERSE (AI and metaverse), joint marketing, metaverse platforms with avatars and events, and potential blockchain integration for Web 3.0.
May 2018Series ATencent; Storm Ventures; BonAngels Venture Partners; Kona Venture Partners; Devsisters; Netmarble$7M--

Who has invested in HAEGIN?

14 investors have backed HAEGIN across its funding rounds, including BonAngels Venture Partners, Storm Ventures, Kona Venture Partners, Netmarble, Tencent and Lotte Ventures.


HAEGIN Investors

Investors in HAEGIN by funding rounds participated
InvestorHQRoundsRoleFirst check
Storm VenturesUnited StatesSan Francisco, CA2ParticipantMay 2018
BonAngels Venture PartnersSouth KoreaSeoul2ParticipantMay 2018
Kona Venture PartnersSouth KoreaSeoul2ParticipantMay 2018
NetmarbleSouth KoreaSeoul2ParticipantMay 2018
Kakao GamesSouth KoreaSeongnam1ParticipantFeb 2022
Lotte VenturesSouth KoreaSeoul1ParticipantFeb 2022
VNGVietnamVietnam1ParticipantFeb 2022
Neptune Investment ManagementUnited KingdomLondon1ParticipantFeb 2022
SK SquareSouth KoreaNew York City, NY1ParticipantMay 2022
TencentChinaShenzhen1ParticipantMay 2018
DevsistersSouth KoreaSeoul1ParticipantMay 2018
KDB Bank EuropeHungaryBudapest1ParticipantFeb 2022

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Acquisitions by HAEGIN

HAEGIN has acquired 1 company to date.

Last acquisition by HAEGIN was on May 17th 2024. HAEGIN acquired Highbrow for undisclosed valuation.


Latest Acquisitions by HAEGIN

Highbrow
Description
Highbrow is a Seoul-based mobile game developer established in December 2009, best known for Dragon Village, a top-downloaded title in Korea with over 20 million users. The studio releases casual games and apps for iOS and Android, expanding into global markets with titles featuring collection and breeding mechanics.
HQ CountrySouth Korea
HQ City
Seoul
Deal Date17 May 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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HAEGIN Competitors

HAEGIN competitors include listed companies like Xun You Network and Ubisoft, and private ones like Kabam, Mocaverse, Mythical Games and Parametrix.ai.

Public and private companies comparable to HAEGIN
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
KabamUnited StatesSan Francisco, CAPrivate--$1B-
MocaverseHong KongHong KongPrivate--$1B-
Mythical GamesUnited StatesLos Angeles, CAPrivate--$1B-
Parametrix.aiChinaShenzhenPrivate--$1B-
Xun You NetworkChinaChinaPublicly listed$43M$4M$999M-
UbisoftFranceFrancePublicly listed$1.6B$302M$884M0.8x

HAEGIN Public Comps

HAEGIN is still privately-owned, but its public comps include Xun You Network, Ubisoft, Playtika, GungHo Online, DoubleUGames, NHN Entertainment, Kakao Games, Everplay Group, Guangxi Xinxunda and Shift Up.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Xun You Network$43M$4M21.0x-214.7x-
Ubisoft$1.6B$302M0.8x0.8x4.4x4.5x
Playtika$2.8B$180M1.1x1.1x16.4x3.9x
GungHo Online$599M$37M0.3x0.3x5.5x4.0x
DoubleUGames$524M$170M0.9x0.9x2.9x2.4x
NHN Entertainment$1.8B$176M0.6x0.6x6.5x5.4x
Kakao Games$339M($72M)2.1x2.6x(10.0x)(38.1x)
Everplay Group$223M$88M3.0x2.7x7.5x9.7x

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Common questions about HAEGIN

When was HAEGIN founded?HAEGIN was founded in 2017.
Where is HAEGIN headquartered?HAEGIN is headquartered in Seoul, South Korea.
Is HAEGIN publicly listed?No, HAEGIN is a private, VC-backed company.
What is HAEGIN's valuation?HAEGIN was last valued at $1B in its Series B in February 2022.
How much funding has HAEGIN raised?HAEGIN has raised $129M across 3 funding rounds.
What was HAEGIN's last funding round?HAEGIN's last funding round was a $39M strategic investment round in May 2022.
Who are HAEGIN's investors?HAEGIN's investors include Storm Ventures, BonAngels Venture Partners, Kona Venture Partners, Netmarble, Kakao Games, Lotte Ventures, VNG, Neptune Investment Management, SK Square, Tencent and 4 others.
Which companies are comparable to HAEGIN?Companies comparable to HAEGIN include Kabam, Mocaverse, Mythical Games, Parametrix.ai, Xun You Network and Ubisoft.
How many companies has HAEGIN acquired?HAEGIN has acquired 1 company, including Highbrow.

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