# Naver D2 Startup Factory

Naver D2 Startup Factory is a Venture Capital based in Seoul, South Korea.

## Overview

- **Organization type:** Venture Capital
- **Headquarters:** Seoul, South Korea
- **Region:** Asia
- **Address:** Seoul, South Korea
- **Founded:** 2015
- **Assets under management:** Undisclosed
- **Website:** www.d2startup.com
- **LinkedIn:** https://www.linkedin.com/company/naverd2sf

## Regulatory record

- **Reports private funds:** No

## About

NAVER D2 Startup Factory is an investment firm created by NAVER to support tech startups. It provides seed capital, mentorship, and networking opportunities. NAVER D2 Startup Factory has made 167 investments, including Nuvilab in March 2026, and has facilitated 6 portfolio exits, including Nota AI in November 2025.

## Sectors

- Enterprise Software
- AI/ML
- FinTech
- PropTech
- Mobility & Transportation

## People

- Lee Hae-jin — Naver Corp Founder

## Questions

### How does D2 Startup Factory differ from Naver's corporate venture capital arm?

D2 Startup Factory writes early-stage checks with external LP capital and operates a cohort-based accelerator, whereas Naver's corporate development team pursues larger strategic acquisitions and later-stage deals. The factory's mandate is financial return-seeking with optional strategic benefit — it does not require eventual acquisition by Naver, though portfolio companies gain preferred access to Naver Cloud, LINE distribution, and Naver Pay APIs.

### What sectors does D2 Startup Factory specialize in?

The factory concentrates on enterprise software, AI and machine learning tooling, fintech infrastructure, and logistics technology. The common thread across its portfolio is a build-on-Naver proposition — startups that can accelerate growth using Naver Cloud, Naver Pay, LINE distribution, or Naver's commerce APIs.

### Does D2 Startup Factory invest outside South Korea?

Yes. The firm runs satellite accelerator programs in Vietnam and Indonesia, and maintains a small presence in Silicon Valley through D2 SF. Its cross-border thesis centers on Korean-diaspora founders and Southeast Asian startups building on Naver's cloud and commerce stack.

### Where does the underlying capital for D2 Startup Factory come from?

The capital is derived from Naver Corporation's cash flows, along with commitments from Naver subsidiaries and select Korean institutional investors. Founder Lee Hae-jin seeded the ecosystem from the wealth generated by South Korea's dominant search engine and the LINE messaging platform.

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- [Navellier & Associates](https://altss.com/profile/navellier-associates)
- [Navesink](https://altss.com/profile/navesink)

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Updated: 2026-06-03T20:00:00.000Z

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