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Dunamu & Partners
Dunamu & Partners launched in 2020 as the venture capital vehicle of Dunamu Inc., the Seoul-based fintech company chaired by Song Chi-Hyung that operates...
Dunamu & Partners
Dunamu & Partners launched in 2020 as the venture capital vehicle of Dunamu Inc., the Seoul-based fintech company chaired by Song Chi-Hyung that operates Upbit, one of the world's highest-volume cryptocurrency exchanges. The fund invests Dunamu's own capital, making it a corporate venture operation rather than a traditional limited-partner fund — its investment pace and thesis are shaped by what the parent company sees on-chain and in-market daily. The firm runs a generalist venture strategy that spans seed, early-stage, and expansion-stage companies, concentrating on blockchain infrastructure, digital assets, fintech applications, data platforms, and artificial intelligence. Its parent's 2025 acquisition by Naver Financial created a deeper strategic corridor into Korea's largest internet ecosystem, feeding portfolio companies enterprise distribution and payment-rail integration. Co-investment relationships include Kakao Ventures, reflecting a pattern of backing local founders alongside other tech-anchored capital pools. Operations are based in Seoul, with real-estate holdings extending beyond venture into commercial properties, including assets on Gangnam-daero and a specialized investment vehicle for private real estate. Dunamu Inc. also maintains corporate Bitcoin holdings and an NFT collection, alongside a philanthropic initiative focused on corporate social responsibility and ESG programs — a profile that blends venture capital with treasury management and real-asset exposure. In 2025, parent Dunamu Inc. was acquired by Naver Financial, deepening the strategic alignment between South Korea's largest internet platform and its dominant digital-asset exchange ecosystem. Where most corporate venture arms follow the parent's procurement roadmap, Dunamu & Partners sits inside a business where crypto treasury management, exchange liquidity, and venture deployment form a single capital-allocation loop. That makes it a rare hybrid — a venture platform that can absorb the volatility of digital-asset cycles while writing equity checks with permanent, rather than fund-cycle, capital.
General information
Firm type
Corporate Venture Capital
Year founded
2020
AUM
$250M - $500M (Altss estimate)
Location
Region
Asia
Country
South Korea
City
Seoul
Corporate office
Seoul, South Korea
Principals
Song Chi-Hyung
Chairman and Co-Founder of Dunamu Inc.
Ryan Kyung-joon Song
CEO and Managing Director of Dunamu & Partners.
Sector focus
Frequently asked questions
Who runs investment decisions at Dunamu & Partners?
Ryan Kyung-joon Song serves as CEO and Managing Director, leading deal execution and portfolio management for the venture arm. He operates under Chairman Song Chi-Hyung, who co-founded parent company Dunamu Inc. and sets the strategic direction linking the venture portfolio to the broader Upbit ecosystem.
How is Dunamu & Partners related to Upbit and Naver?
Dunamu & Partners is the venture capital subsidiary of Dunamu Inc., the fintech company that owns and operates the Upbit cryptocurrency exchange. In 2025, Dunamu Inc. was acquired by Naver Financial, the financial services arm of South Korea's dominant internet platform Naver, creating a strategic pipeline between the venture portfolio and one of Asia's largest consumer-internet ecosystems.
Does Dunamu & Partners raise outside capital or invest its own balance sheet?
The firm deploys Dunamu Inc.'s corporate balance sheet rather than raising traditional limited-partner funds. That permanent-capital structure removes fundraising cycles from the equation, allowing the firm to time investments around blockchain market cycles without the pressure of a fixed fund life.
What investment stages does Dunamu & Partners target?
The firm writes checks across seed, early-stage, and expansion-stage rounds, with a portfolio that reaches from newly formed protocol teams to later-stage fintech companies building on established infrastructure. Its sector concentration in blockchain and fintech means stage is often a function of sector maturity rather than a rigid mandate.
Which sectors does Dunamu & Partners invest in?
Blockchain infrastructure and digital assets form the core, with adjacent bets in fintech, data platforms, and artificial intelligence. The firm's deal flow is strongly shaped by what the parent company observes through Upbit's exchange activity — new token projects, custody innovations, and payment-rail integrations that touch digital assets.
What is Dunamu & Partners' known posture on co-investments?
The firm co-invests regularly alongside other Korean venture capital firms, with Kakao Ventures appearing as a frequent partner. These syndicates tend to back South Korean founders at the intersection of fintech and consumer internet, where both firms' parent platforms offer distribution advantages.
Does Dunamu & Partners maintain philanthropic structures?
Parent company Dunamu Inc. runs a corporate ESG and philanthropy initiative that operates alongside the venture arm. The program has partnered with AMCHAM Korea on corporate social responsibility projects, reflecting a governance structure where philanthropic activity sits at the parent level rather than inside the venture entity.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
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