Capstone Partners

What Capstone Partners does

Capstone Partners is a Seoul-headquartered venture capital firm founded in 2008 and listed on KOSDAQ since November 2023. The firm operates as a fund management platform running 24 investment funds with combined assets under management of approximately KRW 502–550 billion (USD 370–405 million at current rates), deploying capital into Korean early-stage and scale-up startups. It targets so-called 'New Collar' entrepreneurs in technology-driven sectors, with portfolio exposure spanning AI (FriendliAI, Wrtn, DeepX), consumer platforms (Karrot/Daangn, Zigbang, Kurly), semiconductors (Fadu), and bio/healthtech (Oceans Bio). The firm's investment cadence has accelerated since 2023, with six new funds formed across AI, deep tech, scale-up, and growth-support strategies.

The business model follows standard venture capital economics. Management fees on committed capital (typically 1.5–2.0% of AUM) generate recurring revenue across the fund base, while carried interest from successful exits provides event-driven upside. The Karrot/Daangn exit is positioned as approaching the carried-interest trigger, and Zigbang and Fadu are cited as prior unicorn outcomes. Distribution is B2B-institutional: LPs include Korea Growth Finance, KIF, IBK, Hana Bank, KGIC, and regional governments (Incheon, Hwaseong). The firm combines traditional early-stage venture with a newer scale-up strategy targeting KOSDAQ-listed companies (Rapichi, Oceans Bio), differentiating it from pure seed-stage competitors. Operating geographies are concentrated in Seoul and Korea, with no disclosed international expansion.

The firm maintains a small core team (11–50 employees) anchored by CEO Eunkang Song, a former Samsung Advanced Institute of Technology researcher, alongside executives with prior tenure at Samsung Venture Investment, MBVC, MG Investment, and Hansol Venture Capital. Government recognition is strong, including a 2024 Ministry of SMEs and Startups merit award and five Korea Venture Capital Association President's Awards between 2011 and 2023.

Name

Capstone Partners

Legal name

Capstone Partners Co., Ltd.

Website

http://cspartners.co.kr

Company type

Public

Founded year

2008

Operating status

Operating

Headcount range

11–50 employees

Short description

Capstone Partners is a Seoul-based, KOSDAQ-listed venture capital firm managing 24 funds with approximately KRW 502–550 billion in AUM, focused on early-stage and scale-up Korean startups in AI, deep tech, mobility, and consumer platforms.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

All Other Financial Investment Activities (52399), Portfolio Management and Investment Advice (523940)

SIC

Investment Advice (6282)

akta.pro primary industry

Multi-Sector / Generalist Growth Equity (FSANACAO)

Keywords

• Venture capital investment
• Early stage funding
• Startup investment
• Growth equity
• Fund management services

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. Management Fees: VC firms typically charge annual management fees on committed capital under management (typically 1-2% of AUM), providing steady recurring revenue stream.
2. Carried Interest (Performance Fees): Profit participation from successful fund exits, typically 20% of returns above the hurdle rate. The Carrot exit mentioned is expected to trigger performance fee stage after returning original investment capital.

Go-to-market motion1 record

Marketing channels2 records

Core offering

Capstone Partners is a South Korean venture capital firm that invests capital and provides operational support to early-stage Korean startups founded by 'New Collar' entrepreneurs with vision, initiative, and capacity to innovate. The firm operates as general partner across 24+ specialized investment funds with approximately KRW 502 billion in assets under management, targeting sectors including AI, mobility, robotics, deep tech, IoT, and bio.

Product overview

Capstone Partners is a South Korean venture capital firm that operates as a fund management platform rather than a traditional product company. The firm manages 24 investment funds totaling approximately KRW 502 billion in AUM, focusing on early to growth-stage startups. Their portfolio includes specialized funds targeting AI, mobility, robotics, deep tech, and KOSDAQ-listed companies. The firm primarily serves as a general partner (GP) for institutional investors, family offices, and government entities, providing venture capital investment services rather than technology products.

Differentiator

Problem solved

Functional benefit

Products and services

• Capstone Scale Up Venture Fund A KRW 50 billion scale-up phase investment fund that targets KOSDAQ-listed companies that have completed technology validation, with focus on AI, mobility, and robotics sectors. For institutional LPs and growth-stage Korean startups.
• 2023 IBK, Capstone K-Unicorn Venture Fund A KRW 30 billion fund formed in November 2023 targeting promising startups with unicorn potential, with IBK as a co-investor. For early-stage Korean startups with high-growth potential.
• Hana-Capstone AI Platform Fund A KRW 82.1 billion AI-focused investment fund formed in August 2021 with Hana Bank as a co-investor, targeting AI platform companies.
• Capstone 2026 AI Innovation Investment Fund A KRW 50 billion AI-specialized fund formed in April 2026 with participation from Korea Growth Finance, KIF, and local governments including Incheon and Hwaseong. Targets AI, mobility, and robotics sectors, focusing on scale-up phase companies that have completed technology validation.
• KGIC Capstone 2025 Deep Tech D-Camp Fund A KRW 22.5 billion deep tech investment fund formed in August 2025 targeting deep tech startups.
• Capstone 2020 Growing Support Venture Fund

Quantifiable outcome

• Zigbang, Fadu, and Karrot grew to become unicorns from early-stage investments

Segments2 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Scale indicators5 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• KTB Ventures: Korean early-stage VC with a multi-fund structure and government-backed LP base, competing head-to-head with Capstone for Korean seed-to-Series A deals across deep tech and digital categories.
• Korea Investment Partners (KIP): One of Korea's largest VC platforms with broad sector coverage and government-linked LP backing; competes with Capstone on both early-stage deals and later-stage follow-on participation.
• LB Investment: KOSDAQ-listed Korean VC/PE firm managing multiple funds with early-to-growth stage focus; similar public-market permanent capital structure to Capstone and direct overlap in Korean startup deal flow.
• Mirae Asset Venture Investment: Large Korean VC platform affiliated with Mirae Asset Group, active across early and growth stages with broad LP backing; competes with Capstone on mid-to-larger Korean venture rounds.
• Atinum Investment: Korean venture and growth capital firm with a diversified multi-fund platform; competes with Capstone for Korean early-stage and growth-stage opportunities, particularly in tech and consumer.
• BonAngels Venture Partners: Korean early-stage VC focused on Korean seed-to-Series A startups across digital and consumer; a comparable boutique competitor to Capstone's seed-stage investing model.
• DSC Investment: KOSDAQ-listed Korean VC firm with early-to-growth stage fund structures; competes with Capstone on Korean venture deal flow and has a similar public-market capital model.

Broad incumbents

• STIC Investments: Large Korean investment firm with venture and growth-stage funds; broader portfolio and larger fund sizes than Capstone but overlapping LP base and Korean deal flow.
• KB Investment: Major Korean financial-services-affiliated investment platform managing venture and growth funds; a broader incumbent competitor with substantially larger AUM and direct overlap with Capstone's fund mandates.

Emerging players

• SoftBank Ventures Asia: APAC-focused early-to-growth stage VC active in Korea; less localized than Capstone but competing for the same high-quality Korean AI and deep-tech deals with larger check sizes.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/_cspartners

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds1 record

Investors1 record

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

M&A11 records

Investments329 records

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

Frequently asked questions about Capstone Partners