One Store attracts W20b from Krafton

South Korea’s mobile app store operator One Store said Tuesday that it has secured an investment worth 20 billion won ($14.7 million) from Krafton, one of the country’s major game developers.

Krafton said it made the investment decision to broaden its understanding of the global game market through One Store's overseas expansion. They did not disclose the size of the stake that Krafton had taken.

One Store was jointly developed by Korean telecommunication giants SK Telecom and KT Corp. and LG Uplus, along with the country’s internet giant Naver. It provides diverse entertainment content, including games, movies and web novels on its mobile app platform.

Earlier, One Store forged global partnerships with Microsoft and Deutsche Telekom Capital Partners, an investment arm of Deutsche Telekom, receiving investments worth $15 million in 2021.

The latest investment is expected to deliver momentum to One Store’s planned overseas venture.

“This investment decision goes beyond simple financial investment as it will help enhance our global competitiveness," said One Store CEO Jeon Dong-jin.

“Having started off as a domestic app store operator, we are ready to join the global race to evolve into a No. 1 global app platform.”

As Europe and the US are tightening regulations on global tech companies, such as Apple, to foster a more competitive and fairer digital ecosystem, a third app marketplace such as One Store has garnered renewed importance as an alternative player in the global race.

To lay the foundations for its overseas foray, One Store appointed Lee Ki-hyuck, an expert in foreign investment, as its chief financial officer in July. Lee is to actively attract strategic investments and funding.

Additionally, its parent SK Square has been continuously funding to enhance One Store's value chain.