Company K Partners

Company K Partners is a venture capital firm founded in 2006 that listed on KOSDAQ in 2019. Its core business consists of equity investment in small and mid-sized venture companies, formation and management of venture investment partnerships, and business management advisory services.

The firm was established to invest in promising growth companies and create value through venture investment in future core growth industries, and as of 2025 it operates 19 investment partnerships with assets under management of roughly KRW 1,067.4bn.

Its investment portfolio spans AI, robotics, aerospace, biotech, and commerce sectors.

Notably, it invested a total of KRW 15bn in AI startup Upstage, KRW 10bn in the 2021 Series A round and KRW 5bn in the 2024 Series B follow-on, holding roughly a 4.06% stake in Upstage as of end-2025 through the Smart Korea Company K Untact Fund.

In autonomous drone company Nearthlab, it invested a cumulative KRW 4.2bn across three rounds from the 2018 pre-Series A stage through the 2022 Series C round.

In the aerospace sector it holds a track record of investing over KRW 62bn across 20 companies, and it has more recently invested in humanoid robotics startups Wirobotics and Didden Robotics.

Among listed Korean VC peers are Stonebridge Ventures, Mirae Asset Venture Investment, DSC Investment, and Atinum Investment, and the firm's results are heavily dependent on exit outcomes—IPOs and M&A—of its portfolio companies.

2025 consolidated revenue came to KRW 21.60bn, up 43.3% from KRW 15.07bn in 2024, while operating profit rose 199.5% to KRW 9.77bn from KRW 3.26bn, and net profit attributable to owners jumped 246.3% to KRW 7.24bn from KRW 2.09bn. The operating margin improved sharply to 45.2% from 21.6% in 2024.

In 2023 the company swung to a loss, posting revenue of KRW 15.86bn alongside an operating loss of KRW 4.96bn and a net loss of KRW 5.72bn, which appears attributable to fair-value valuation losses on held investment assets—a factor characteristic of the VC business model.

By contrast, 2022 delivered solid results with revenue of KRW 15.84bn, operating profit of KRW 6.29bn, and net profit of KRW 6.47bn, meaning net profit swung widely over four years from KRW 6,471mn to a loss of KRW 5,716mn, then to KRW 2,091mn and KRW 7,241mn.

On a quarterly basis, 2Q25 revenue was KRW 4.42bn with operating profit of KRW 2.56bn and net profit of KRW 2.15bn, followed by 3Q25 revenue of KRW 4.14bn, operating profit of KRW 1.91bn, and net profit of KRW 1.57bn; revenue then surged to KRW 9.12bn in 4Q25 with operating profit of KRW 3.56bn and net profit of KRW 2.13bn. 1Q26 delivered the strongest of the past five quarters with revenue of KRW 7.79bn, operating profit of KRW 5.44bn, and net profit of KRW 4.21bn, but 2Q26 revenue collapsed to KRW 1.05bn with an operating loss of KRW 3.98bn and a net loss of KRW 3.15bn.

This quarter-to-quarter volatility reflects the VC business structure in which fair-value gains and losses on held equity stakes flow directly into revenue and profit, with the trailing four quarters (3Q25–2Q26) combined net profit attributable to owners standing at KRW 4.76bn.

The domestic venture capital industry is characterized by earnings that swing significantly with the cycle of startup investment and exit markets.

The government is pursuing an expansion of eligible fields for technology-based special listing under its December 2025 KOSDAQ market trust and innovation enhancement plan, extending coverage to national core technology areas such as AI, aerospace, and renewable energy, which could lower the listing bar for VC portfolio companies.

However, the number of newly listed companies in Korea fell sharply year-on-year in the first quarter of 2026, and some listing reviews have been delayed by more than four months, underscoring continued volatility in the exit market.

The Korea Exchange's customized technology-special-listing guideline, introduced in January of this year, evaluates the AI industry by segmenting it into AI semiconductors, AI models and applications, and physical AI, and this framework was applied in the listing review of physical-AI-focused portfolio companies such as Nearthlab.

In terms of competitive positioning, listed Korean VC peers include Stonebridge Ventures, Mirae Asset Venture Investment, DSC Investment, Atinum Investment, and Daesung Private Equity, each with strengths in specific areas such as deep tech, biotech, or content.

Company K Partners holds a relatively prominent position in AI, robotics, aerospace, and defense-related investments.

Nearthlab received preliminary listing approval from the Korea Exchange for a KOSDAQ listing in June 2026 and, with Samsung Securities as lead underwriter, plans to complete its listing within the year.

The indicative offering price band was set at KRW 30,000 to KRW 41,200 per share, implying a post-offering market capitalization of roughly KRW 173.1bn to KRW 237.8bn.

Once the listing is completed, the exit outcome for the KRW 4.2bn stake that Company K Partners built across three funding rounds since 2018 is expected to become clearer.

Upstage has selected KB Securities and Mirae Asset Securities as listing underwriters and, according to reports, plans to file for KOSPI preliminary listing review as early as the second half of 2026.

Bloter reported in April 2026 that Upstage, in an investor presentation, indicated an expected post-listing valuation ranging from KRW 3.5 trillion to as much as KRW 5 trillion.

To meet the KOSPI unicorn track requirement of a standalone market capitalization of at least KRW 1 trillion, Upstage is pursuing full acquisition of AXZ, the operator of Kakao's Daum portal, as part of an effort to expand its scale.

Separately, domestic media reported in early June 2026 that Nvidia was pursuing investments of several hundred billion won each into Korean robotics startups Wirobotics and Didden Robotics; Company K Partners had participated in Wirobotics' KRW 100bn Series B round and Didden Robotics' KRW 7bn pre-Series A round, meaning confirmation of such investment could affect the valuation of its portfolio.