Investor Profile: Mashup Ventures — Thesis, Cheque Size & How to Apply

Mashup Ventures is a Seoul-based early-stage investment firm that aims to be the first institutional investor for Korean technology founders. Launched as Mashup Angels in 2013 and renamed Mashup Ventures in 2024, it has invested in 168 startups over its first decade, with a cumulative enterprise value of about $8.24 billion. In its own summary, it was the first institutional investor in 81% of its newest investments.

Investment thesis

Mashup Ventures invests before results are proven in numbers, betting on founders and on fast-moving technology change. Chief executive Taekkyung Lee has said that capturing change early and believing in founders' potential matters more than waiting for traction. The firm has expanded from software and AI into deep technology areas such as physical AI, energy and aerospace, while keeping its focus on teams that can go global from Korea.

Sectors and stages

The firm invests at angel, pre-seed and seed stage, mainly in South Korea, with activity in the United States and Japan. Its most active sectors are AI and software-as-a-service, which together accounted for 44% and 25% of its investments respectively, alongside enterprise, content, consumer, fintech and healthcare startups that solve problems with technology.

Fund size and cheque size

Mashup Ventures reports an average investment size of $75,000 to $375,000 (KRW 100 to 500 million) across its portfolio. It also launched the Mashup Angles Value Growth Venture Investment Fund at $20.6 million (KRW 27.5 billion) to expand its investment scale and participate more actively in follow-on rounds. Total assets under management are not publicly disclosed.

Notable portfolio

Portfolio companies include Bucketplace, the operator of home-interior platform Today's House, Nudge Healthcare, the maker of rewards app Cashwalk, travel platform MyRealTrip, financial comparison service Finda, and ScatterLab, Shiftee, Lion Rocket and Fairy. Twenty-eight portfolio companies raised follow-on funding in one recent year, totalling more than $1.648 billion in follow-on capital.

Partners

Mashup Ventures is led by chief executive Taekkyung Lee, co-founder of Daum Communications. Its partners are former startup operators, including Eunwoo Park, former chief strategy officer at Nearthlab, Brian Yoo, former chief operating officer at Moloco, and Seungkook Lee, former chief product officer at Publy. It has also appointed Sungmin Yang as AI partner and Hyunwoo Nam and Jaemin Bae as entrepreneurs in residence.

Programs, credits and perks

Mashup Ventures is a TIPS operator and a deep-tech TIPS operator under Korea's private investment-led technology startup support programme, and it actively helps portfolio companies win selection, with a reported 100% selection rate for companies it recommended in one year. Its Mashup Value Growth Programme supports portfolio companies' rapid growth and scale-up strategies, and its Mashup Atoms Day event connects deep-technology founders with major investment institutions.

How to apply for funding

Mashup Ventures publishes no open application portal in English. Founders typically reach the firm through its website and team contacts, or through warm introductions from its portfolio and the Korean startup ecosystem, including via the TIPS programme route. A strong approach shows a technology-led product, a team the firm can back before traction is proven, and a credible path to going global from Korea.