Mashup Ventures Closes 25.9 Billion Won First Believer Fund 5

Focus on pre-seed and seed deep tech

The money will go to pre-seed and seed startups less than three years old. Target areas include physical AI, industry-specific vertical AI, next-generation energy and aerospace, with an emphasis on deep tech companies able to expand globally. Deep tech investing will be led by CIO and Vice President Eunwoo Park, a former chief strategy officer at industrial autonomous-drone company Nearthlab, where he handled global commercialization.

The "First Believer" name reflects a principle of backing founders before the market has proven them. Since launching in 2013, Mashup has funded about 220 startups, and in 87% of those cases it was the company's first institutional investor. Its portfolio includes Bucketplace (Today's House), MyRealTrip, Remember & Company and StyleShare (29CM), plus AI firms Scatter Lab (Zeta) and Wrtn Technologies (Crack). Recent bets extend into space, advanced materials and energy, including O&B Space, NanoForge AI and Biologen.

Builders as investors

The partner team is made up of company builders who have founded businesses and exited them. Lee, a co-founder of Daum, is joined by founders from Moloco and Itemku. Recent hires include AI partner Sungmin Yang, an engineer with exit experience, venture partner Sangwon Lee, co-founder of Silicon Valley deep tech firm Qeexo, and serial-founder entrepreneurs-in-residence, all meant to strengthen technical due diligence.

"As AI penetrates manufacturing sites such as robotics, energy and space, we want to be the reliable first partner who backs founders before their technology is validated," Lee said.