Sat. Nov 26th, 2022

Blockchain-specialized company “Bloco,” which Samsung Venture Investment ambitiously invested in, has become a painful finger. This is because although it was a major blockchain portfolio, its valuation (corporate value) has fallen. Losses are inevitable, but old shares are sold. With Lotte Group betting on Bloco recently, this move has drawn attention from the industry.


According to the investment bank (IB) industry on the 25th, Samsung Venture Investment plans to sell its old shares of Bloco. Although it made investments through SVIC New Technology Investment Association, which was funded by Samsung affiliates, it decided to release old shares in the market after seeing the limitations of Bloco’s growth. Attention is focusing on whether companies interested in venture capital (VC) secondary funds dedicated to old stock investment or blockchain companies will buy them in the future.


Samsung Venture Investment participated in the investment round of Bloco Series A in July 2016. At that time, Bloco advanced the blockchain development platform “Coin Stack” through investments and promoted strengthening cooperation with professional solution developers. It has accelerated the expansion of the blockchain ecosystem.


Samsung Venture Investment plans to dispose of old shares of Series A and B…FIs who are worried

Since then, as the blockchain ecosystem has grown, Bloco has attracted attention. Accordingly, Samsung Venture Investment participated in Series B round in May 2018 and made follow-on investments. At that time, he was with Spark Lab Ventures, Interbest, Daesung Startup Investment, Wonik Investment Partners, POSCO Technology Investment, and Premier Partners.


In August of the following year, Bloco attracted additional Series B+ investment. It has secured various financial investors (FI) such as KEB Hana Bank and Shinhan Bank, as well as venture capital such as LB Investment and Dadam Investment. Valuation worth 100 billion won was mentioned by securing strong allies. However, it is said that the valuation has fallen sharply recently.


Samsung Venture Investment plans to first release the quantity at the time of Series A. It also considered that it is difficult to recover Bloco’s valuation at the moment, and that the maturity of the funds invested at the time is coming. Looking at the market situation, it is expected that Series B will be sold at a discount along with Series A.

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