Mirae Asset Venture Investment Achieves 233.9 Billion KRW in Revenue and 15.9 Billion KRW in Operating Profit Last Year

Mirae Asset Venture Investment announced on the 12th that it achieved consolidated sales of 233.9 billion KRW, operating profit of 15.9 billion KRW, and net profit of 8.3 billion KRW last year. On a separate basis, it recorded sales of 68.5 billion KRW, operating profit of 21.6 billion KRW, and net profit of 14.7 billion KRW.

Compared to 2023, sales increased by 7.8%, but operating profit decreased by 50.3%. The company explained that the main reason for the decline in operating profit is the accounting standard that only reflects the difference between the disposal gains realized during the actual investment recovery process and the previously recognized valuation gains.

In 2021 and 2022, due to the boom in the venture investment industry and the growth of startups, valuation gains on companies invested in by Mirae Asset Venture Investment increased significantly, resulting in large operating profits at that time. However, last year, during the actual investment recovery process, the previously recognized valuation gains were deducted from the disposal gains to be reflected, according to the explanation.

As a result, despite high recovery performance relative to the invested principal, actual disposal gains were reflected less, or some disposal losses were recognized due to recovery prices lower than the valuation prices. Additionally, due to the same issue, the taxable base amount arising from disposals during investment recovery was higher than the actual operating profit, leading to a higher effective tax rate and a decrease in net profit.

Considering the uncertain global and domestic economic conditions, Mirae Asset Venture Investment focused on investment recovery of portfolio companies last year to proactively respond to valuation decline risks.

As a result, it achieved an all-time high investment recovery exceeding approximately 600 billion KRW in 2024. The VC fund recovered 41.7 billion KRW of invested principal to 203.3 billion KRW, achieving a 5x investment return, while the PE fund recovered 241.5 billion KRW of invested principal to 377.7 billion KRW, recording about 1.6x investment performance. Major recoveries included ‘APR’ and ‘Bucketplace’, which delivered investment returns of 7.8x and 31x respectively, achieving excellent results through active recoveries reflecting appropriate valuations in platform companies.

Mirae Asset Venture Investment expects large-scale investment outcomes in 2025 through major portfolio companies ‘Moloco’, ‘Semifive’, and ‘Rebellion’. In particular, the global ad-tech startup ‘Moloco’, in which a total of 72.4 billion KRW has been invested, is preparing for a Nasdaq listing and was recently valued at around 3.3 trillion KRW in transactions. Industry insiders expect that compared to major Nasdaq-listed peers such as ‘Applovin’, Moloco can easily achieve a corporate value exceeding 10 trillion KRW after listing.

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 second-largest shareholder stake.