TONYMOLY, Enters New Technology Business Finance Sector

[Asia Economy Reporter Yujin Cho] TonyMoly announced on the 19th that it has decided to increase the capital of its recently established subsidiary, Tony Investment, to 10 billion KRW.

Tony Investment plans to meet the capital requirements to apply for registration as a New Technology Business Finance Company under the Specialized Credit Finance Business Act and will apply for registration with the Financial Services Commission in early next month.

To ensure stable operation of the new business, Tony Investment has recruited CEO Youngmin Yoon. CEO Yoon joined as a founding member of Kolon Investment in 2000 after working at Samsung Economic Research Institute and Samsung Electronics, and served as CEO from 2007 until the end of last year.

In addition, Tony Investment plans to recruit additional executive-level officers currently active in domestic mid-sized new technology business finance companies, including Executive Director Cheolhwa Song, who has many years of experience in venture investment. The company will start with a total of five operating personnel, including Director Seungdae Kim, who has over 10 years of experience in venture investment.

So far, TonyMoly has shown a keen interest in venture investment, including acquiring AtoGen, a microbiome specialized research company, and investing in PL Group, a pet industry specialized company. Taking this opportunity to enter the new technology business finance sector, TonyMoly plans to discover and invest in startups across a wide range of fields, including healthcare and beauty.

A TonyMoly representative stated, “As TonyMoly itself started as a startup and grew into a mid-sized listed company, we will share TonyMoly’s know-how and collaborate with startups to contribute to creating a healthy venture ecosystem.”