Mashup Ventures (매쉬업벤처스 formerly Mashup Angles), an investment firm specialising in early-stage startups, has released its investment results for 2023, marking 10 years of investing since its inception.
Mashup Ventures is an investment firm specialising in early-stage startups, which launched as Mashup Angles in 2013 and officially changed its name to Mashup Ventures on the 6th of this month. Over the past 10 years, the firm has made early-stage investments in a total of 168 startups with a cumulative enterprise value of approximately $8.24 billion (KRW 11 trillion), including two companies with an enterprise value of more than $749 million (KRW 1 trillion).
Mashup Ventures made new investments in 16 startups last year and was the first institutional investor in 81% of them. The cumulative number of startups in which Mashup Ventures has invested is 168, with an average investment size of $75,000 to $375,000 (KRW 100 to 500 million). Mashup Ventures has invested in early-stage startups in a variety of sectors, including enterprise, content, consumer, fintech and healthcare, that solve problems with technology. Mashup Ventures has been particularly active in AI and SaaS, with 44% and 25% of its investments in these sectors respectively.
Many of its portfolio companies have been recognised for their technology and growth through follow-on investments, even during an investment freeze. Mashup Ventures has 28 portfolio companies, including MyRealTrip, ScatterLab, Nudge Healthcare, Finda and Lion Rocket, that have raised follow-on investments in the past year, bringing the total amount of follow-on investments raised by its portfolio companies to over $1.648 billion (KRW 2.2 trillion).
Currently, Mashup Ventures is a participant in TIPS, a private investment-led support programme for technology start-ups, and a deep-tech TIPS operator, actively supporting its portfolio companies to be selected for TIPS through its expertise accumulated over the years. Last year, Mashup Ventures recommended a total of 13 companies, achieving a 100% selection rate of 52 companies, of which deep-tech TIPS recommended three AI startups, Beeble, Fairy and Sorcerics, achieving a 100% selection rate.
“Our 10 years of experience as founders’ first partners is reflected in the performance of our portfolio companies,” said Taekkyung Lee, CEO of Mashup Ventures. “With the expert guidance of our new founder-experienced partners, we will continue to help founding teams grow rapidly even during an investment freeze.”
Last year, Mashup Ventures launched the $20.6 million (KRW27.5 billion) Mashup Angles Value Growth Venture Investment Fund to expand its investment capabilities and deepen its expertise, adding partners Eunwoo Park, former CSO of Nearthlab, Brian Yoo, former COO of Moloco, and Seungkook Lee, former CPO of Publy, all from global technology startups.
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