BonAngels Venture Partners

What BonAngels Venture Partners does

BonAngels Venture Partners (본엔젤스벤처파트너스) is a Seoul-based, privately-held venture capital firm founded in 2007, self-described as Korea's first seed-stage specialized VC ('국내 최초의 초기투자 전문 벤처캐피털'). The firm deploys pre-incorporation and seed-stage capital into Korean startups, preferring to be the first institutional investor and operating as a long-duration 'Pacemaker' partner rather than a short-horizon financial backer. As of 2026, the firm manages Pacemaker Fund 4 (KRW 120 billion / approximately USD 85-92M in total commitments) and reports a portfolio of approximately 270 companies producing 5 unicorns, 22 M&A exits, and 2 IPOs — including Woowa Brothers (Baemin/배달의민족), PUBG (Krafton), Spoon Radio (스푼라디오), and Vuno (뷰노).

The firm's core technology and operating platform consists of an Airtable-backed inbound investment review pipeline, a proprietary deal-sourcing network spanning 50+ overseas startups across Southeast Asia and Silicon Valley, and the Chosim Camp (초심캠프) cohort accelerator — now in its 11th batch — which provides up to KRW 300 million in pre-program investment per selected team, structured partner counseling, and follow-on funding pathways. Surrounding the core investment activity are three auxiliary layers: a monthly portfolio community program called BonDay (본데이) featuring senior founder guest counselors; TIPS (Tech Incubator Program for Startups) operator status granting access to Korean government-backed non-dilutive funding; and a 'Greater Asian Founders' Network' for cross-border deal flow. A defining structural feature is the firm's self-recycling alumni LP base: 57% of Pacemaker Fund 4's commitments came from former portfolio founders and key team members, creating a closed-loop capital ecosystem that compounds with each fund vintage.

Revenue is generated through traditional venture capital economics — management fees on committed capital (typically 1.5-2.0% on Fund 4's KRW 120B) plus carried interest on successful exits — rather than through product or service sales. The target customer segments are seed-stage Korean startups across digital transformation, platforms, AI, blockchain, robotics, healthcare, fintech, edtech, SaaS, and ESG verticals, with select overseas investments in Southeast Asia and the US. Day-to-day control rests with 6 partners (including co-CEOs Kang Seok-heun/강석훈 and Song In-ae/송인애) and an advisor (Jang Byeong-gyu/장병규), supported by 7 investment professionals organized in a reviewer hierarchy.

Name

BonAngels Venture Partners

Legal name

BonAngels Venture Partners, Inc.

Website

http://www.bonangels.net

Company type

Private

Founded year

2007

Operating status

Operating

Headcount range

11–50 employees

Short description

BonAngels Venture Partners is a Seoul-based seed-stage venture capital firm founded in 2007, managing Pacemaker Fund 4 (KRW 120B) across ~270 Korean portfolio companies. It invests pre-incorporation in startups across AI, robotics, deep tech, fintech, and platform sectors via its Chosim Camp accelerator and TIPS operator platform.

Ownership category

akta.pro rank

Product category

Venture Capital (Seed-Stage Investment)

NAICS

Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Early-Stage Venture Capital (Series A/B) (FSANAAAB)

akta.pro secondary industry

Early-Stage Venture Capital (Pre-Seed/Seed) (FSANAAAA)

Keywords

• Seed venture capital
• Early-stage investing
• Startup accelerator
• Founder mentorship
• Pre-seed funding

Headquarters

HQ city

Seoul

HQ country

South Korea

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D, Others

Revenue model

1. Venture Fund Management & Carried Interest: BonAngels operates multiple vintage funds culminating in Pacemaker Fund 4 with KRW 120 billion (KRW 1,200억) in commitments. Revenue is generated through traditional venture capital economics: management fees on committed capital during the fund's investment period and carried interest on successful exits (5 unicorns, 22 M&As, 2 IPOs historically). The firm maintains a private fund structure with no short-term return pressure, enabling long-duration investing.
2. Capital Gains from Portfolio Exits: Primary upside comes from equity stakes in ~270 portfolio companies across Korea, Southeast Asia, and Silicon Valley. Notable exits include Woowa Brothers (Baemin/배달의민족), PUBG (Krafton), Spoon Radio (스푼라디오), and Vuno (뷰노). 5 unicorns, 22 M&As, and 2 IPOs have been realized to date.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels7 records

Core offering

BonAngels Venture Partners is Korea's first dedicated seed-stage specialized venture capital firm, providing pre-incorporation and early-stage equity investment to startups since 2007. Its core offering is seed venture capital investment, augmented by the Chosim Camp (초심캠프) accelerator program, the Pacemaker Fund (페이스메이커펀드) series (most recently Fund 4 at KRW 120 billion), TIPS operator services, and a global BonTeam network of 50+ overseas portfolio companies across Southeast Asia and Silicon Valley.

Product overview

BonAngels Venture Partners operates as a single integrated venture capital platform rather than a multi-product SaaS suite. The core service is pre-incorporation seed-stage VC investment active since 2007, augmented by the Chosim Camp (초심캠프) accelerator program (currently in its 11th batch) and the Pacemaker Fund (페이스메이커펀드) series of follow-on funds (most recently Pacemaker Fund 4 at 120 billion KRW). Surrounding the core investment activity are three auxiliary service layers: Bong Day (본데이), a monthly portfolio community and counseling program hosted at the firm; the firm's role as a TIPS operator delivering Korean-government-backed deep-tech support to selected portfolio startups; and a Greater Asian Founders' Network for cross-border deal flow, overseas startup investments, and Korean portfolio international expansion. Together these form a unified "Pacemaker" offering in which capital (seed, follow-on funds, TIPS), program (Chosim Camp), and community (Bong Day + global network) layers reinforce one another for the startup over its full lifecycle.

Differentiator

Problem solved

Functional benefit

Brands

• Pacemaker Fund (페이스메이커펀드): Series of internally managed venture capital funds (current vintage: Pacemaker Fund 4, KRW 120 billion) that deploy seed capital into Korean and overseas startups; 57% of Fund 4 LP commitments came from BonAngels portfolio alumni.
• Chosim Camp (초심캠프)
• BonDay (본데이)

Products and services

• Seed Venture Capital Investment Service BonAngels' flagship service is pre-incorporation seed-stage venture capital investment offered to startup founders since 2007. The firm positions itself as a 'Pacemaker' — the startup's first and longest-tenured investor — providing equity capital alongside hands-on mentorship, follow-on funding, and TIPS operator support across digital transformation, platform, metaverse, content, healthcare, fintech, edtech, SaaS, ESG, AI, blockchain, and robotics sectors.
• Chosim Camp (초심캠프) Accelerator Program A startup discovery and growth-support batch program (currently in 11th cohort, 2026 H1) with selected teams receiving seed investment of up to KRW 300 million before the camp, a dedicated partner and senior counselor, guest counseling from unicorn founder alumni, follow-on investment, TIPS recommendation, and connected-fund investment opportunities. Tracks include Service/Game (KRW 50M–250M) and Deep Tech/AI (KRW 200M–300M), with a six-week program duration.
• Pacemaker Fund Series (페이스메이커펀드) Series of seed/follow-on investment funds operated by BonAngels to provide continuous funding to portfolio companies. Pacemaker Fund 4 was formed in June 2021 with a total size of KRW 120 billion (1,200억원), with 57% of LPs being alumni founders of BonAngels portfolio companies, establishing a self-reinforcing capital cycle.
• BonDay (본데이) Portfolio Gathering Monthly portfolio-company meetup event hosted by BonAngels that invites senior alumni founders as guest speakers to deliver themed sessions, providing ongoing community, mentoring, and networking support to portfolio startups beyond the initial investment.
• TIPS Operator Service BonAngels operates as a TIPS (Tip for Innovative Private Startups) operator, a Korean government-backed program that provides additional non-dilutive funding and support to selected deep-tech startups, complementing its own seed investments.
• Greater Asian Founders' Network (Global BonTeam) A cross-border investment and founder-network service through which BonAngels has invested in over 50 overseas startups across Southeast Asia and Silicon Valley, and attracted LPs from Singapore and other Asian countries to provide Korean portfolio companies with information and on-the-ground support for overseas market entry.

Quantifiable outcome

• ~270 startups invested since 2007
• +6 more outcomes

Named customers21 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

One partnership is on record.

• TIPS (Korean Ministry of SMEs and Startups)coreStrategic or Co-development PartnerBonAngels is an accredited TIPS (Tip for Innovative Platform Startup) operator — a Korean government program that provides additional non-dilutive funding and ecosystem support to portfolio companies. TIPS recommendations are part of the value BonAngels offers Chosim Camp participants.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Strong Ventures: US-Korean early-stage seed venture capital firm investing in Korean and cross-border startups. Strong Ventures is BonAngels' most frequent co-investment partner (KZONE, Daily Cookie, Eastern Edition) with directly comparable fund size, stage focus, and dual Korea/global mandate.
• SparkLabs: Korean seed-stage venture capital and accelerator operating globally across Seoul, San Francisco, and Taipei. Co-invested with BonAngels in KZONE; directly comparable in stage focus, accelerator model, and cross-border activity.
• Mashup Ventures: Korean seed-stage venture capital firm investing in Korean and global startups. Co-invested with BonAngels in KZONE's Series A; directly comparable in stage, geography, and deal-size profile.
• Altos Ventures: Korean-based venture capital firm investing across seed and growth stages with strong consumer/internet focus. Recurring co-investment partner (Channel Corp, MINEIS) with comparable stage focus and broader growth-stage overlap.
• Hashed: Korean-based crypto and Web3-focused venture capital firm expanding into broader frontier tech. Co-invested with BonAngels in MINEIS; comparable seed-stage activity with thematic specialization in blockchain.
• SV Investment: Korean venture capital firm investing across seed and growth stages with both domestic and overseas deal flow. Led Hopae's seed round with BonAngels participation; directly comparable in stage focus and Korean market activity.
• Primer: Korean seed-stage venture capital firm focused on pre-seed and seed investments in Korean startups with hands-on founder support. Directly comparable to BonAngels in stage, geography, and founder-support operating model.
• Bluepoint: Korean seed-stage venture capital firm co-investing in early-stage Korean startups (KZONE alongside BonAngels). Comparable seed-stage focus and Korean market activity, though smaller in scale and AUM.
• ACTi Partners: Korean seed-stage venture capital firm investing in early-stage Korean startups across consumer, deep-tech, and platform categories. Directly comparable to BonAngels in stage focus and Korean early-stage investment activity.

Broad incumbents

• Kakao Ventures: Corporate venture arm of Kakao, investing in early-stage Korean startups across AI, content, and platforms. Co-invested with BonAngels in Waddle; broader portfolio and corporate parentage provide larger check-writing capacity but overlapping seed-stage deal activity.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/vc_bonangels

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries3 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments271 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about BonAngels Venture Partners