Megazone Cloud Secures Investment from Neowiz Partners

[Financial News] Megazone Cloud has secured new investment from Neowiz Partners ahead of its initial public offering. The company plans to use the funds to strengthen its competitiveness in new businesses such as artificial intelligence and security.
Megazone Cloud said on the 1st that it had signed an investment agreement with Neowiz Partners, the investment arm of NEOWIZ HOLDINGS Corporation.
The investment was made as a pre-IPO stake purchase in Megazone Cloud, which is preparing to go public. Neowiz Partners will acquire common shares in Megazone Cloud without any separate conditions. Megazone Cloud plans to use the funds to secure future growth engines, including artificial intelligence and security.
Megazone Cloud raised 48 billion won in a Series A funding round in 2019. It also secured 190 billion won through two Series B rounds in December 2020 and June 2021. In 2022, KT Corporation joined as a strategic investor and invested 130 billion won, and the company later attracted 450 billion won in Series C funding that same year. In June this year, its parent company Megazone received an 800 billion won investment from Glenwood Credit and used it to buy back Megazone Cloud shares held by existing financial investors, securing a 72% stake as it moved ahead with preparations for an IPO.
Yeom Dong-hoon, CEO of Megazone Cloud, said, "We will continue efforts to strengthen our fundamentals so we can accelerate shared growth with investors."
[email protected] Choi Hye-rim Reporter