Money Likes Me Too - Chapter 44



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Episode 44.

Nam Hyun-seung came to the KSH Holdings office to finalize the deal.

“Welcome, Mr. Nam.”

“CEO Lee Jong-seok, Happy New Year.”

We exchanged greetings and sat down.

“This is a letter of intent to invest. It was written on January 1st.”

It was a day of lightning. After it was over, it was too late to send him back to Seoul. I didn’t bother calling a substitute, so I let Nam Hyeon-seung stay at my house.

I filled out the paperwork the next day (January 1st).

The content is simple. It literally only contains the intention to invest. The total amount and some conditions are all there is. The detailed parts have all been postponed to the date of consultation.

That’s it for today.

“We will now explain our intentions in more detail.”

Lee Jong-suk opened his mouth.

“The total investment amount is 500 million dollars. Of course, there is no change. First, we divided the milestones based on the business roadmap sent by Baedal’s people and divided the investment rounds into each stage. First, Series C. The goal is to expand overseas. ······”

Series C was set at $100 million, D at $150 million, and finally E at $200 million. The total is $450 million. It was agreed that all investment funds would be paid through redeemable convertible preferred shares (RCPS) without a refixing clause so as not to affect Nam Hyun-seung’s voting rights.

“As we have done so far, we have no intention of participating in management.”

Lee Jong-suk continued speaking.

RCPS is a preferred stock that grants shareholders redemption and conversion rights.

The right to redeem is the right to receive the investment back if the milestone is not achieved within the period. It is classified as a liability under international accounting standards. The right to convert preferred stock into common stock. If it becomes common stock, it can also participate in management.

Both are disadvantageous conditions for those who have invested.

Here, Lee Jong-suk added another clue.

“Mr. Kang has no intention of using his conversion rights. He has no intention of making Baedal Gyeore a subsidiary.”

“yes.”

“This premise is solely due to external perspectives. This investment needs to be seen as a normal investment from the outside. There is no need to arouse suspicion that we are trying to monopolize the mobile platform.”

Nam Hyeon-seung, who knew the situation well, nodded. He was already no different from being on our side.

“I guess that’s why it’s not Cocoa Labs but Cayman Islands’ East House KSH Investments (EKI) that’s investing.”

“That’s correct.”

“I have a question.”

He asked.

“What about this 50 million? It’s listed separately. What does it mean?”

If you add up rounds C through E, it’s a total of 450 million. They’re asking about the remaining 50 million dollars. Lee Jong-suk answered.

“That’s exactly what it says. It’s the capital to establish a mobility startup subsidiary.”

“What is the reason?”

Instead of answering, Lee Jong-suk pointed to Lim Kyung-jun.

“Let me explain that to you.”

He gave a lengthy explanation of recent trends in smart logistics research, which sees last-mile delivery in the future being handled by drones and robotics rather than people.

In a word, it is a call to pioneer a new business. Nam Hyeon-seung’s expression became enlightened.

“I think I saw it on the news. Amazon is already using unmanned robots to operate its logistics centers. Is this something similar?”

“Yes, that’s right.”

“Good intentions. Let’s get started right away.”

“It doesn’t matter if you don’t get results right away. It’s CEO Kang Si-Hyeon’s will.”

When he said this, Lee Jong-suk’s expression was subtle. It had nothing to do with me. The story was almost running towards its end.

“I have some final words.”

Lee Jong-suk added.

“Can you please have CEO Kang explain this part? Since you are the CEO of Cocoa Labs, I think it would be much more natural for you to do so.”

“Yeah.”

I opened my mouth.

“It’s what President Nam promised last year. Now that the mood has warmed up, I hope you’ll keep that promise.”

“What did I promise you? What did I promise you?”

It’s a public place. We are respectful to each other.

“Didn’t you say that the day the investment is successful is the day ‘Baedal Nation’ changes to the ‘KakaoTalk Delivery’ service? That means it’s time to fulfill that promise.”

“But, as you said earlier······.”

“It’s not that I’m going to acquire the company. I’m saying we should form a partnership. When you press “Delivery” in KakaoTalk, you’ll be connected directly to the screen provided by Baeke. It might be a hassle to divide the UX into two right now, but there’s a saying that goes, ‘The more inconvenient it is for developers, the more convenient it is for users.’”

Nam Hyeonseung nodded.

“I don’t think it will be difficult to that extent.”

“It would be difficult to answer right away, right?”

“I think I’ll have to go back to the company and talk to the tech team. It won’t take long. We’re somewhat prepared.”

“I understand. And.”

There’s more to say.

“How about entering the Thai, Taiwanese, and Vietnamese markets in the same way? This is also connected to the overseas expansion I mentioned earlier.”

“It would be great if we could work together with CocoaTalk to expand overseas. Rather, I think it would be something we should be asking for.”

“You mean good?”

“Of course.”

“This story includes the United States.”

The truth remained. Nam Hyun-seung’s expression wavered at those words.

“That doesn’t sound like a very good idea.”

America is a big country.

There were differences by city, but it was still a wasteland for delivery platforms. In addition, there was the traditional powerhouse Grubhub. The recently established DoorDash was also rising rapidly. It was a difficult hurdle for Cocoa, which had just surpassed 3% of the market share.

What about the people of Baedal? Nam Hyeon-seung expressed his discomfort.

“It will cost a lot of money.”

I said something I shouldn’t have said. Lee Jong-seok and Lim Kyung-joon’s expressions changed at those words.

“It costs a lot of money?”

“yes.”

“Then there’s no need to say anything more. Let’s definitely advance into the US market.”

The answer was firm.

“Yes, okay. I understand.”

Nam Hyun-seung’s answer was lukewarm. It didn’t matter. I wasn’t really interested in his thoughts.

***

Meanwhile, Hyun Young-bin, the person who created the Hwapyong Market, still hasn’t been able to adapt at all.

‘I’m the president. I’m the CEO.’

I had an ordinary college life. I got a job at an ordinary company. It was an outsourcing company specializing in scraping. I never dreamed of going to a company that everyone wanted to go to, like Naver or Cocoa. I just liked being in the same building as Cocoa. That was it.

It’s not that I didn’t have any ambition at all. That’s why I created the Peace Market.

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It started as a hobby. I paid for the server costs out of my own pocket and provided the service for free. It was amazing to see people flocking to it. I felt joy seeing my app create new demands and needs and grow the market.

Then one day, an email arrived.

? Hello, are you a developer at Hwapyeong Market? My name is Won Jin-ju from Cocoa Labs.

There was only one word in my eyes.

Cocoa Labs.

I didn’t have to think twice. I contacted her right away. I made an appointment. She appeared with a tired expression and said in one word.

‘What do you think about starting a business?’

It was simple.

‘yes?’

‘You know that we at Cocoa Labs are making venture investments. If Hyun Young-bin makes up his mind, we will invest.’

Quit your job and devote your life to your hobby?

I thought it was ridiculous. I almost got up right away. If it weren’t for Cocoa behind her, I wouldn’t have even looked back.

‘How much does it cost?’

I had no intention of doing that. I just thought I’d listen to the conditions.

But an absurd amount came out of Won Jin-ju’s mouth. 5 billion won in seed investment and 10 billion won in Series A investment.

There was a time when I was happy just from compliments. But not anymore. 15 billion won was dazzling before my eyes. There were countless startups that were struggling with money far below that amount.

It would be foolish not to accept this.

That’s how the Oimarket for Cocoa app was launched. Oi is an abbreviation for ‘Today is this.’

The door opened. Won Jin-ju came in.

“Is PM Won here?”

She had been working at Cocoa Labs and Oi Market for a while, and the dark circles under her eyes were as thick as eye shadow.

“Representative Youngbin.”

“yes.”

“Do you remember? Today is the Cocoa Forum.”

I knew it. I used to see it when I was at my old job. It was so popular that the large conference room on the third floor of the Cocoa Tower was full.

“Should I go too?”

“Of course.”

It was an expression that said, “I’m asking the obvious.” Won Jin-ju answered.

“There won’t be much to talk about anyway. You can just go and experience it. There’s just one thing you need to be careful of when you go.”

“What is that?”

“You mustn’t say anything. If you do, you’ll end up like me.”

“Huh? What does it mean to be like Jinju?”

There was no answer to that.

“Especially the carrier, you should never talk about the carrier. The carrier. Do you understand what I’m saying?”

His eyes were bloodshot. His voice sounded like it was possessed by evil. Hyun Young-bin nodded without understanding what he was saying.

***

It was the first day in a long time that there was a Cocoa Forum.

‘The signs are good this year.’

Last year there was a huge disaster. Bitcoin, which started out as a waste, came back worth over a trillion dollars.

The new year started off with good signs.

Help played a big role. If you change just one letter, a treasure chest becomes a treasure chest. It was just as Hong Jeong-tae said. Not to mention the blog, the cloud took up a lot of the cost.

‘It was a good idea to ask Chairman Lee Chung-jae about real estate.’

This is the story of Jeju Island’s CDC (Cloud Data Center). It was more than enough for a personal cloud. The electricity bill was on a whole other level. It was packaged into the Jeju office building and became ours. It was a blessing.

“Representative.”

It’s Director Han. It looks like preparations are complete.

“Still in preparation.”

“Yes, I will wait.”

Didn’t come inside.

Director Han had a lot of work to do. He had to worry about moving into A1 on top of his regular work.

It is a huge building with 16 floors above ground and 6 floors underground. It is more than twice as tall as the Cocoa Tower. There is also a shopping mall connected to Hwapyeong Station from the 2nd basement floor to the 3rd floor above ground.

Starbucks came in and McDonald’s came in too.

Some offices have already relocated.

The wallet business division was spun off under the name ‘Cocoa Finance’, and the game business divisions of the development headquarters were spun off under the name ‘Cocoa Game Studio’ and moved into A1 first. The two companies took up one floor.

The empty space at Cocoa Tower was quickly filled. There were many companies lining up.

‘I heard Naver is coming too?’

‘I heard they’re building a new building?’

There were even rumors that the company was purchasing land around its A City business site and building a new headquarters under the name ‘Factory Earth’.

‘I guess I could just move into A1.’

There were plenty of seats.

It was then that my eyes fell upon an article.

[ Amazon ASW (Amazon Service Web) begins full-scale entry into Korea!, ‘ASW Korea staff doubles in number.’······ Possibility of establishing a CDC in Korea within the year also explored.]

CDC? This sounds interesting.

“Representative!”

“Just a moment. Let me just read one article.”

No matter how urgent it is, nothing is more urgent than spending money. If you look back, it will be too late.

? ······ This is the first time that an advanced infrastructure solution capable of withstanding traffic overloads during a large-scale event like the Super Bowl has been introduced in Korea. There is even talk that broadcasters should consider introducing it ahead of the Brazil World Cup. ······

If it’s CDC, we already have it.

“Eureka!”

I was already wondering where to use it, but Amazon lightened my load. I found something to eat (use) in the future.

It was really helpful. It was worth the name. I felt grateful to Lee Chung-jae all over again. I even thought about going to say New Year’s greetings.

“I’m leaving now.”

A question mark appeared in the eyes of the director who was looking at my face.

“why?”

“It’s nothing, sir.”

“Isn’t this the first forum you’ve prepared as CSO (Chief Strategy Officer)? You should take the lead.”

He kept watching my expression.

“This is what I will be speaking about today.”

Handed over the pad.

“Sir.”

“yes.”

“I have one more thing to say. Can I add it?”

“What are you going to say this time?” His eyes were filled with anxiety as he couldn’t say no.

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