All Funding Startup News in Korea (Korean Startup News)

Okestro Secures KRW 130 billion Series B Funding, Eyes Global Expansion and Talent Growth

2023-12-04 2 min read

Okestro Secures KRW 130 billion Series B Funding, Eyes Global Expansion and Talent Growth

Reading Time: 2 minutes

Korean cloud software specialist Okestro has successfully secured a significant Series B investment totaling 130 billion won, with a recognized corporate value of 630 billion won. 

Participants in this investment round include STIC Investment, IMM Investment, KDB Bank, and Industrial Bank of Korea (IBK). STIC Investment, leading the investment, not only contributed 100 billion won but also offered an additional investment option of 200 billion won. The remaining 30 billion won came from existing shareholders IMM Investment, KDB Bank, and IBK.

With this investment, Okestro plans to intensify efforts in recruiting and developing essential talents in foundational technologies for the Fourth Industrial Revolution, particularly in cloud and artificial intelligence (AI). Surpassing a workforce of 400 within just five years since its inception, Okestro is actively engaging in large-scale public recruitment drives to secure key talents in the “cloud-native” field.

Furthermore, the company aims to rapidly expand the “Okestro Cloud Platform Ecosystem” globally in the swiftly growing cloud market through active mergers and acquisitions (M&A). Additionally, Okestro intends to establish a 30 billion won startup fund to invest in domestic startups facing challenges in the current external environment, fostering an ecosystem that aligns with the Okestro Cloud Platform.

Kim Min-jun, CEO of Okestro, shared, “With this investment, we aim to attract exceptional talents with the capability and passion to globally expand the ‘Okestro Cloud Platform’ ecosystem. Through proactive M&A and the establishment of a startup fund, our goal is to enhance the ecosystem, ultimately perfecting customer-centric cloud orchestration.”

[Startup News in Korea]

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