An increasing amount of funds is flocking into the fast-growing web comics (called "webtoon" in Korea) and web novel market. Thanks to the rapid expansion of the mobile market, the demand for smartphone-based web comics and web novels is growing at a rapid pace.
The size of the web comics and web novel market is forecast to grow to about 1 trillion won this year from 200 billion won in 2013.
According to the venture capital industry on March 19, Me Entertainment, a romance-specific web novel platform, recently attracted an investment of 1 billion won from an investment firm The Turning Point.
Me Entertainment, which runs its own web comics platform "Me Novel," was founded in July 2016 with focus on romance web novels.
A web novel firm Joara is also receiving love calls from various investment suitors. Joara, founded in 2000, is one of the frontrunners in Korea's web novel market, vying with Munpia for the top spot.
Toptoon, a platform for web comics, recently launched pre-IPO investment ahead of its stock listing scheduled in 2018. Toptoon is now engaged in negotiations to attract investment from a handful of foreign investors.