NAVER Z Corp. announced a private placement of 28,624 redeemable convertible preferred stocks at KRW 7,810,981 per share for gross proceeds of KRW 223,581,520,144 led by new investor SoftBank Vision Fund 2, a fund managed by SoftBank Investment Advisers (UK) Limited for 22,434 shares for KRW 175,231,547,754 on November 30, 2021. The shares carry a par value of KRW 5,000 each.

The transaction will include participation from existing investors HYBE Co., Ltd. for 903 shares for KRW 7,053,315,843, YG Metaverse New Technology Fund for 545 shares for KRW 4,256,984,645, YG Plus, Inc. for 364 shares for KRW 2,843,197,084, JYP Entertainment Corporation for 909 shares for KRW 7,100,181,729, NAVER WEBTOON CORP. for 909 shares for KRW 7,100,181,729, Mirae Asset Capital Co., Ltd for 2,176 shares for KRW 16,996,694,656, YG Investment Inc., and Mirae Asset Consulting Co., Ltd. 384 shares for KRW 2,999,416,704. The transaction is by way of third party capital increase.

The payment date for the shares is expected on December 7, 2021. The transaction has been approved by board of directors of the company. The round is raised at a post-money valuation of KRW 1,186,950,000,000 ($1000,000,000).