SK Telecom’s One Store app marketplace attracted its first overseas investment, with Deutsche Telekom’s venture capital unit and Microsoft investing around $15 million in total.
The operator stated the backing of Deutsche Telekom Capital Partners would open opportunities in the global mobile gaming market, employing the VC company’s parent to access the European market.
Gaming is also the focus of its work with Microsoft, with the companies planning to expand a 5G-based cloud gaming [1] partnership to create new opportunities for Korean content creators.
SKT VP Ha Hyung-il said the deals will strengthen the competitiveness of One Store and provide “important momentum for innovation in the Korean ICT ecosystem”.
The marketplace launched in 2016 and is planning an IPO this year.
Deutsche Telekom Capital Partners chief Vicente Vento expressed excitement at becoming “part of this very successful growth journey”, while Microsoft VP for game creator experience and ecosystem Sarah Bond cited benefits including building a “more open store on Android” along with opening “gaming to more creators and players”.
The international investments follow funding from rival operators [2] KT and LG Uplus earlier this year.
SKT owns 50.1 per cent and local technology giant Naver 26.3 per cent.
[1] https://www.mobileworldlive.com/apps/news-apps/microsoft-skt-set-date-for-5g-cloud-gaming-launch
[2] https://www.mobileworldlive.com/asia/asia-news/rivals-invest-23m-in-skt-led-app-store
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