Capstone Partners: Complete Guide to Korea’s “Guardian Angel” Early-Stage VC Firm (2025)
Published on FOFs.kr | Korea’s Premier Fund-of-Funds Intelligence Source
What is Capstone Partners? Executive Summary
Capstone Partners Co., Ltd. is a Seoul-based venture capital firm founded in 2008, specializing in early-stage companies and earning the reputation as Korea’s “guardian angel” for startups. With 200 billion won ($168.5 million) in assets under management, Capstone Partners operates as a “micro VC” that has achieved remarkable success through early investments in companies like Danggeun Market, Kurly, and Zigbang, delivering exceptional returns for institutional investors.
Key Facts at a Glance
- Founded: 2008 (17+ years experience)
- AUM: ₩200 billion ($168.5 million)
- Portfolio: 196+ investments, 58 exits
- Public Listing: KOSDAQ: 452300 (November 2023)
- Signature Success: 20x returns on Danggeun Market investment
Capstone Partners Company Profile: Korea’s Early-Stage Specialist
Corporate Overview and Business Model
Company Name: Capstone Partners Co., Ltd.
Founded: 2008
Headquarters: Seoul, South Korea
Stock Symbol: KOSDAQ: 452300
Legal Status: Independent Venture Capital Firm
Investment Focus: Early-stage technology companies
Geographic Focus: South Korea, China (primarily Seoul and Gyeonggi)
Exit Strategy: Trade sales preferred
Capstone Partners’ Mission and Investment Philosophy
Capstone Partners positions itself as a “micro VC” that specializes in investing in early-stage companies. The firm’s mission is centered on supporting ‘new-collar’ entrepreneurs – those who understand cutting-edge technologies and pursue transformative change.
- 🎯 Early-Stage Focus: Seed to Series A investments
- 👥 People-First Approach: Focus on team players who welcome cooperation
- 🚀 Technology-Driven: AI, blockchain, big data, 5G technologies
- 🧭 Guidance Philosophy: Play the role of a ‘guide’ for passionate entrepreneurs
Leadership: Song Eun-kang – Korea’s “Guardian Angel” CEO
Song Eun-kang | Chief Executive Officer
Song Eun-kang has earned the reputation as Korea’s “guardian angel” in the startup industry for his ability to identify and nurture promising early-stage companies. His leadership has transformed Capstone Partners into one of Korea’s most successful early-stage investment firms.
- Philosophy: “We want to play the role of a ‘guide’ so that talented and passionate entrepreneurs don’t go astray”
- Investment Approach: Focus on ‘new-collar’ entrepreneurs with tech expertise
- Key Success: 20x returns on Danggeun Market investment
Investment Team Structure
Capstone Partners operates with a lean but experienced team of 3 partners who bring deep expertise in early-stage technology investments and startup ecosystem development.
- Junghoon Jang: Partner
- Junsu Ha: Partner
- Team Focus: ICT companies (80% of portfolio)
Assets Under Management: ₩200 Billion Focused Portfolio
₩200B
Assets Under Management
($168.5 million)
9
Total Funds
₩6.4B
IPO Fundraising (2023)
Public Listing Achievement
KOSDAQ Listing (November 15, 2023): Capstone Partners successfully went public on KOSDAQ with ticker symbol 452300, raising ₩6.4 billion at an IPO share price of ₩4,000. The listing marked a significant milestone for the firm, providing additional capital for growth and cementing its position as a leading Korean VC firm.
Investment Performance: Track Record Analysis
Portfolio Statistics (as of December 2024)
🏆 Danggeun Market (Karrot)
- Investment: ₩15.3 billion (4 rounds)
- Initial Valuation: Under ₩10 billion
- Current Valuation: ~₩3 trillion
- Return Multiple: ~20x
🛒 Kurly (Market Kurly)
- Sector: Online grocery delivery
- Status: Unicorn ($1B+ valuation)
- Achievement: Korea’s leading fresh food e-commerce
Success Story: GoPizza Turnaround
In 2018, GoPizza was on the brink of shutting down when CEO Song Eun-kang stepped in as the “guardian angel.” Through strategic guidance and additional funding, Capstone Partners helped transform GoPizza into a successful food tech company, exemplifying the firm’s hands-on approach to portfolio company development.
Investment Strategy: Early-Stage Technology Focus
💻 Information Technology
ICT companies comprise 80% of Capstone Partners’ portfolio, reflecting their deep expertise in technology investments and early identification of disruptive trends.
- Software & Applications: Enterprise and consumer software
- Wireless Technology: Mobile and connectivity solutions
- IP Television: Media and entertainment tech
🎮 Digital Entertainment
Strong focus on gaming and digital content companies, leveraging Korea’s position as a global gaming powerhouse.
- Online Gaming: PC and mobile game development
- Game Publishing: Distribution and marketing platforms
- Digital Content: Media and content creation tools
🏥 Healthcare & Biotech
Strategic investments in pharmaceutical and healthcare technology companies addressing Korea’s aging population and healthcare innovation needs.
- Pharmaceuticals: Drug development and medical devices
- Digital Health: Telemedicine and health apps
- Biotech: Life sciences and biotechnology
Industry 4.0 Fund: Future-Forward Investment Strategy
🏭 KGIC-2018 Seoul Industry 4.0 Venture Fund
Capstone Partners established a ₩50 billion ($42 million) fund in partnership with Seoul City government, Korea Growth Investment Corp, and Korea Telecommunications Operations Association, focusing specifically on fourth industrial revolution technologies.
Notable Portfolio Companies
🏠 Zigbang
Leading real estate app platform that revolutionized property search and rental services in Korea.
👥 Between
Emotional communication app that enriches real and offline-based relationships for couples.
🎮 Eyedentity Games
Online game development studio founded in 2007, specializing in MMORPG development.
🚗 LUXI
Ride-sharing platform connecting drivers and passengers with similar commute directions.
🎨 N.Light
3D technology startup with N.Cad design studio, creating high-quality 3D assets for metaverse platforms.
📚 Noutecompany
Digital stationery marketplace operator Webudding, catering to the creative and professional markets.
Investment Philosophy: The “New-Collar” Entrepreneur Focus
What is a “New-Collar” Entrepreneur?
According to CEO Song Eun-kang, Capstone Partners invests in ‘new-collar’ entrepreneurs who possess three key characteristics:
- 🤖 Technology Mastery: Understanding and utilization of cutting-edge technologies such as artificial intelligence
- 🔄 Change Orientation: Actively pursuing transformation and innovation in their industries
- 🤝 Collaboration Mindset: Eagerness to collaborate and welcome cooperation with stakeholders
Investment Decision Framework
“When you focus on people, you are bound to notice things that aren’t on paper.” – Song Eun-kang, CEO
Key factor for startup success
Team players preferred
Understanding business can fail
Endless scalability potential