Mirae Asset Venture Investment Makes First Exit This Year with 'IGNet'... Large-Scale Success Expected with 'Moloco' and Others

Insurtech platform ‘IGNet’ is set to go public on the 4th. In the demand forecast conducted on the 17th of last month, the public offering price was finalized at the top end of 7,000 KRW, resulting in a market capitalization of 127.6 billion KRW. Additionally, during the subscription process, a competition rate of 146 to 1 was recorded, attracting a total subscription deposit of 255.5 billion KRW.

Founded in 2014, IGNet established itself as a leader in the insurtech platform sector by launching the AI-based insurance diagnosis app ‘Bodak’ in 2019. After receiving the main license for MyData, it has been enhancing personalized insurance diagnosis and recommendation services while also providing enterprise insurance solutions. IGNet has demonstrated growth with 2 million app downloads, a 98% insurance contract retention rate, and an incomplete sales rate in the 0% range, achieving cumulative sales of 17.1 billion KRW by the third quarter of 2024.

Mirae Asset Venture Investment recognized IGNet’s potential in the early stage of the insurtech market and invested in 2016. Since then, the company’s value has significantly increased, and high investment returns are expected through this IPO. As a result of investments made through the ‘Koscom-Mirae Asset Fintech Investment Fund No.1’ and the ‘Hancom-Mirae Asset 4th Industrial Revolution Investment Fund,’ Mirae Asset Venture Investment’s stake is estimated to be about 7.3% after the listing.

Meanwhile, despite high interest rates and a sluggish investment market, Mirae Asset Venture Investment achieved a record-high investment recovery of approximately 600 billion KRW in 2024. The VC fund recovered 41.7 billion KRW of principal to 203.3 billion KRW, yielding a 5x return, while the PE fund recovered 241.5 billion KRW of principal to 377.7 billion KRW, recording about a 1.6x return. Major recovery achievements include investment returns of 7.8x and 31x through ‘APR’ and ‘Bucketplace,’ respectively.

Mirae Asset Venture Investment expects significant investment outcomes in 2025 through key portfolio companies such as ‘Moloco,’ ‘Semifive,’ and ‘Rebellion.’ In particular, the global adtech startup ‘Moloco’ is preparing for a Nasdaq listing and reportedly surpassed 400 billion KRW in sales in 2023 alone. Moloco was recently valued at around 3.3 trillion KRW in a transaction, and industry insiders anticipate that it could easily achieve a corporate value exceeding 10 trillion KRW after listing, compared to its major Nasdaq-listed peer ‘Applovin.’

Additionally, ‘Semifive,’ which operates as a design solution partner for Samsung Electronics’ foundry division, is also preparing for an IPO. Semifive, which possesses technology that drastically reduces semiconductor development costs and time, was valued at 500 billion KRW as of 2023. Mirae Asset Venture Investment has invested a total of 36.3 billion KRW since the seed stage in 2019 and holds the position of the second-largest shareholder.

The AI semiconductor startup ‘Rebellion’ is also a promising investment company. Rebellion, which merged with SK Telecom affiliate ‘Sapeon Korea,’ is gaining attention as a global player in the inference NPU market, expected to show significant growth in the AI sector. Mirae Asset Venture Investment, together with Mirae Asset Capital, invested a total of 12 billion KRW during Rebellion’s Series A and B rounds and anticipates high investment returns through the rapid growth of the inference NPU market.