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A golfer uses Smartscore's application dashboard, which displays personal golf scores ICONIQ Capital, a US family office backed by Meta founder and CEO Mark Zuckerberg, has invested 50 billion won ($42 million) in Smartscore, a South Korean golf score-keeping app, at a valuation of 800 billion won ($670 million).The US wealth management firm made the investment through the purchase of both new and existing shares, according to sources with knowledge of the matter on Thursday.Smartscore will use the proceeds to close its joint purchase of Majesty Golf Co., a premium golf equipment maker, alongside its expansion into the US and Southeast Asia.Smartscore has agreed to acquire Majesty Golf in a consortium with Seoul-based private equity firm Striker Capital Management Co. from Orchestra Private Equity for around 300 billion won.The latest investment more than tripled its corporate value in about a year, putting it on track to reach unicorn status, or a company with a valuation of over $1 billion.In April of last year, it attracted an undisclosed amount of funding from domestic institutions at a valuation of 250 billion won, up from 100 billion won in November 2020. Hyundai Motor Co., NH Investment & Securities Co.'s private equity division and Korea Development Bank's scaleup finance division took part in the funding round last year. Founded in 2014 by an ex-accountant of Samil PWC Accountings, the startup boasts 2.6 million subscribers to its golf scoreboard app, which tracks golfing scores and provides reservation services for golf courses nationwide.It now runs golf clothing brand Mckayson and a domestic golf course management company and holds the exclusive publication rights to South Korea of Golf Magazine, a US publisher. It earned 1.1 billion won in operating profit in 2020, double the previous year's figure.ICONIQ Capital, based in San Francisco, provides wealth management services to Meta's Chief Operating Officer Sheryl Sandberg, Twitter founder Jack Dorsey, Microsoft CEO Satya Nadella, KKR co-founder Henry Kravis and other high net worth clients, including Hollywood stars Will Smith and Ashton Kutcher.It invests primarily in unlisted tech startups and real estate. Its fifth flagship growth fund closed on $2.6 billion last year.By Jun-Ho Chachacha@hankyung.comYeonhee Kim edited this article.
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