One Store attracts $50 mn investment from Digital Turbine
Seung-Woo Lee
Feb 07, 2024 (Gmt+09:00)
South Korean homegrown app store One Store Co. has attracted a $50 million investment from the Nasdaq-listed US-based mobile platform company Digital Turbine.
Under the agreement, Digital Turbine will invest an initial $10 million in One Store to acquire new shares.
Digital Turbine, with a market capitalization of $500 million, is a platform technology company that partners with various global game companies, providing app advertising services.
It collaborates with over 40 global telecom carriers and device manufacturers, securing over 800 million loaded devices.
Digital Turbine decided to invest, recognizing the growth potential and business synergy of One Store, which is preparing for overseas expansion.
One Store and Digital Turbine plan to actively collaborate in overseas market entry and business growth areas in the future.
One Store attracted a $15 million investment from the investment company DTCP of Microsoft and Deutsche Telekom in 2021. It has secured strategic investments from domestic and foreign companies, including a 20-billion-won ($ 15 million) investment from Krafton Inc. in October last year.
With the latest investment from Digital Turbine, One Store added that its corporate value has surpassed 920 billion won ($694 million), approaching close to 1 trillion won ($754 million).
"With this investment, we have found the optimal partner for global market entry," CEO of One Store Jeon Dong-jin said.