Stonebridge Capital and KB Securities Private Equity have made the fourth investment via their blind-pool fund created for secondary investments by the National Pension Service (NPS). 

The two companies invested 20 billion won ($17.8 million) in gaming company Bagelcode’s series D funding round, from which the company hopes to raise 24 billion won. Venture capital firm Smilegate Investment and Partners Investment also participated in the funding round.

KB Securities PE and Stonebridge Capital have acquired Bagelcode’s convertible bonds from Aju IB Investment and invested about 10 billion won to buy new shares. The investment has been financed from their KB Stonebridge Secondary fund.

The NPS awarded mandates to Stonebridge Capital and KB Securities PE and also Yuanta Investment to manage its secondary fund. Stonebridge Capital and KB Securities PE created the 240 billion won fund in January 2019 and it has spent about 45% of its committed capital on four investments, including the stake in Bagelcode.

Bagelcode has developed casino games, including Club Vegas, Jackpotjoy, Star Spins and Bingo Lane, and provides gaming services in the U.S., Canada, England, Australia, Israel and Ukraine. Its peer companies include DoubleUGames, which has a market capitalization of about 1.24 trillion won.

Stonebridge Capital and KB Securities PE invested 47.2 billion won in Solum in June 2019 through the fund, followed by 10 billion won in StyleShare, and 30 billion won in Megazone Cloud earlier this year. (Reporting by Hye-ran Kim)