HB Investment

What HB Investment does

HB Investment is a first-generation South Korean venture capital firm founded in November 1999 (originally as Tube Investment Co., Ltd. and renamed in 2012) and listed on the KOSDAQ stock exchange in January 2024. The firm provides growth capital, management support, and IPO and M&A advisory services to small and medium-sized Korean ventures, and has invested in 372 portfolio companies cumulatively across 38 funds with active AUM of KRW 6,868 billion and cumulative AUM of KRW 12,216 billion as of 2025. The active portfolio of 88 companies spans technology, semiconductors, AI, healthcare and medical devices, biotech, fintech, consumer brands, cosmetics, and aerospace, with average annual investment deployment of KRW 186 billion over the last three years.

The firm operates a multi-divisional investment platform organized into Investment Strategy, three Investment Divisions, a PE Division, an Operation Division, and a Risk Management function, staffed by 21 investment professionals with backgrounds at Samsung Electronics, Samsung Venture Investment, LG Electronics, Synopsys, Macquarie, PwC, EY, and other Korean financial institutions. Revenue is generated through fund management fees, carried interest, and capital gains on portfolio exits, with limited partners including Shinhan Financial Group, Industrial Bank of Korea, Korea Development Bank, KIAT, and other institutional investors across the firm's 38 fund vehicles. Recent strategic activity has emphasized AI and deep-tech themes, including a KRW 12 billion participation in Persona AI's pre-IPO round in February 2026 alongside LIG Nex1 and IBK Capital's Defense Innovation Fund.

Name

HB Investment

Legal name

HB INVESTMENT, Inc.

Website

https://hbvc.co.kr

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

11–50 employees

Short description

HB Investment is a first-generation South Korean venture capital firm managing 38 funds with KRW 6,868 billion in active AUM, providing growth capital and management support to 88 active portfolio companies across semiconductors, AI, healthcare, biotech, fintech, and consumer sectors.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (52394), Other Investment Pools and Funds (5259)

SIC

Investment Advice (6282)

akta.pro primary industry

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

Keywords

• Venture capital services
• Growth equity investment
• Startup funding
• Portfolio management
• M&A advisory

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, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. Investment Returns / Capital Gains: HB Investment generates returns through capital gains from successful portfolio company exits via IPO or M&A transactions. As a listed KOSDAQ company (since January 2024), the firm also derives revenue from fund management fees and carried interest.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

HB Investment is a first-generation South Korean venture capital firm that invests capital in promising small and medium-sized enterprises with high growth potential. The firm manages 38 investment funds with accumulated AUM of KRW 12,216 billion and provides not only equity capital but also post-investment management support, strategic advisory, and IPO/M&A advisory services to portfolio companies. Investment vehicles span early-stage startup funds, growth-stage funds, sector-focused funds (semiconductor, fintech, bio, wellness), and M&A-focused funds.

Product overview

HB Investment operates as a first-generation venture capital firm in South Korea, offering a diversified portfolio of 38 investment funds with accumulated AUM of approximately 12,216 billion KRW. The firm provides venture capital investment services across multiple sectors including technology, semiconductor, fintech, bio/health, digital innovation, and wellness. The investment funds range from early-stage startup funds to growth-stage and M&A focused funds, with global expansion support for portfolio companies.

Differentiator

Problem solved

Functional benefit

Products and services

• HB Running Mate Venture Fund Venture capital fund established in 2025 for investment in promising startups.
• 2024 Tethys Venture Fund Venture capital fund established in 2024 for investment activities.
• HB Scale-Up Venture Fund Venture capital fund focused on scale-up stage companies.
• HB Youth Futures Venture Fund Venture capital fund focused on youth-related investment opportunities.
• HB Digital Innovation Growth 3rd Fund Third digital innovation growth fund targeting technology companies.
• HB Deep Tech Win-Win Venture Fund Deep technology-focused investment fund.
• Shinhan HB Wellness 1st Fund Wellness sector focused fund in partnership with Shinhan.
• HB Digital Innovation Growth 2nd Fund Second digital innovation growth fund for technology investments.
• HB Fintech Data Fund Fintech sector focused data investment fund.
• HB Global Fintech Fund Global fintech investment fund.
• HB Inbody IBK Innovative Solution Fund Innovation solution fund partnered with IBK.
• HB Digital Innovation Growth Fund First digital innovation growth fund for digital transformation investments.
• HB Semiconductor Secondary Fund Secondary fund focused on semiconductor sector.
• HB New Deal Service Fund New deal service oriented investment fund.
• HB Growth Support Venture Fund Growth support focused venture fund.
• HB Job Technical Financing Venture Fund Job creation and technical financing venture fund.
• HB Bio New Growth Investment Fund Bio and new growth sector investment fund.
• HB Venture Fund (2014) Core venture fund established in 2014.
• HB Growth Ladder M&A Venture Fund M&A focused venture fund for growth opportunities.
• HB Promising Service Venture Fund Promising service sector venture fund.
• HB-KIAT Venture Fund Technology commercialization fund partnered with KIAT.
• HB Youngman Startup Venture Fund Startup focused venture fund for young entrepreneurs.

Quantifiable outcome

• 372 cumulative portfolio companies invested since 1999
• +1 more outcomes

Named customers13 records

Segments1 record

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

• KB Investment: One of Korea's largest venture capital and growth equity firms, managing multiple funds across early-stage and growth-stage Korean SMEs. Direct comparable in size, fund count, and Korean SME/venture focus, and is itself KOSDAQ-listed.
• Korea Investment Partners: Korea's largest and oldest VC/private equity manager, with a similarly diversified multi-fund platform targeting Korean growth companies. Closest peer given first-generation status, broad sector coverage, and comparable AUM scale.
• NH Investment & Securities: Affiliated with NongHyup Financial Group, NHQV manages multiple VC/PE funds investing in Korean SMEs and ventures. Directly comparable as a multi-fund Korean VC with institutional LP backing.
• Atinum Investment: Korean venture capital firm with multiple sector-dedicated funds and similar early-to-growth stage focus on Korean startups. Direct peer in fund structure and SME focus.
• Shinhan Venture Investment: Shinhan Financial Group's VC arm and a co-GP with HB Investment on the Shinhan HB Wellness 1st Fund. Same Korean SME focus and multi-fund structure; institutional parent provides similar LP-type backing.
• LB Investment: Mid-sized Korean VC firm with multi-fund structure and similar early/growth-stage SME focus, including biotech, IT, and consumer sectors. Direct comparable in fund count and AUM tier.
• Hi Investment Partners: Korean VC firm with multiple dedicated funds targeting Korean growth-stage companies. Direct peer in fund structure and SME/venture target market.
• InterVest: Korean venture capital and growth equity firm with multiple sector-dedicated funds. Direct comparable in structure, fund count, and early-to-growth stage focus on Korean SMEs.

Broad incumbents

• Mirae Asset Capital: Larger financial group affiliate that competes with HB Investment in Korean VC/PE markets. Broader incumbent given larger parent group and wider product range.
• Samsung Venture Investment: Corporate venture arm of Samsung; competes for Korean tech deals and overlaps with HB Investment in semiconductors/AI. Considered a broader incumbent given its CVC structure and broader Samsung affiliation. (HB Investment CEO Hwang Yu Sun previously worked at Samsung Venture Investment.)

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles19 records

Funding overview

Funding rounds

Investors

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

M&A

Investments227 records

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

Frequently asked questions about HB Investment