Silicon Valley Investor Said to Join LG Scion in Fund

A Silicon Valley venture investor is working with a member of the family behind South Korea’s LG Group to raise money for investing in Asia technology companies, people familiar with the matter said.

The fund to be run by Joel Sng and Brian Bonwoong Koo will focus on companies in Southeast Asia and South Korea, said two people, who asked not to be identified because details of the investment strategy haven’t been disclosed.

Koo’s Silicon Valley firm, Formation 8, is seeking to raise $400 million for the special-purpose vehicle, according to a filing Thursday with the U.S. Securities and Exchange Commission. Koo, whose family founded Seoul-based LG Electronics Inc., led the firm’s investments in Oculus VR Inc., the maker of virtual reality goggles that was bought by Facebook Inc. for about $2 billion.

Koo later helped Oculus partner with Samsung Electronics Co. The South Korean rival to LG supplied the screen that addressed complaints about dizziness with its original virtual reality headset.

Formation 8 announced in December that Sng, who has invested in startups in the U.S. and Asia, would be joining in Singapore.

Sng was an early investor in companies including smartphone-maker Xiaomi Corp., now valued at $45 billion, Airbnb Inc., Facebook, Uber Technologies Inc. and Palantir Technologies Inc., Formation 8 said when he was hired.

Started in 2012, the San Francisco-based firm has made at least 28 investments, including big data startup RelateIQ, which Salesforce.com acquired in July for $390 million.

Formation 8’s portfolio includes wealth management platform Addepar, digital learning company Kidaptive and Korean beauty retailer Memebox, according to its Website.

The firm also invested $100 million in South Korea’s Yello Mobile, a platform for digital businesses, valuing the startup at $1 billion.

Formation 8’s founders include Jim Kim, Joe Lonsdale and Gideon Yu.

(Removes erroneous reference to Sng lineage in headline, lead and fifth paragraph of story published June 26.)
Before it's here, it's on the Bloomberg Terminal.
LEARN MORE