Fans of K-Drama have often seen the characters going to bars, gulping shots of soju, the world’s most popular alcoholic beverage from Korea. Often known as ‘Korean vodka,’ soju is an attractive investment for startups. And so it seems that Korean-American rapper Jay Park has made ‘soju’ his entrepreneurial investment.
Park Jae-beom established Won Spirits in partnership with Culture & Commerce CEO Kim Hyung-seop, a former CJ, with the goal of globalizing soju. The K-Hip Hop star’s ‘Won Spirits’ has secured American artist management company Transparent Arts (TA Ventures) as its strategic investment partner for global outreach.
TA Ventures has invested an undisclosed amount in Park’s startup Won Spirits; whose estimated value is $ 5milion. Won Spirits will be producing Won Soju, a premium Korean distilled soju that uses 100% domestic rice and does not use any additives. Won Soju is scheduled to be released at the end of next month.
— JAY BUM PARK (@JAYBUMAOM) December 29, 2021
Transparent Arts’ venture arm invests in Won Soju
The investment company TA Ventures is an American entertainment agency Transparent Arts affiliate. Transparent Arts manages famous American hip hop group Far East movement, rapper Yultron and K-pop star Tiffany Young. Through investment in Won Spirits, it will serve as a strategic partner for overseas exports, such as the global launch of won soju.
— thinking about Jay 💭 (@valenciazhuo) January 26, 2022
Won Spirits is planning to export Won Soju in the second half of the year and has already received inquiries from several countries, including the US and Europe. An official from Won Spirits said, “Unlike the existing domestic alcoholic beverages, it has received considerable attention and interest from before its launch until now, based on the recognition of CEO Park Jae-beom and domestic and foreign celebrities and publicity through SNS. This investment means that this brand value of Won Soju was verified before the product was launched.”
He said, “In the future, Won Soju will produce high-quality soju and take the lead in establishing Korea’s representative liquor, soju, as a global alcoholic beverage. We aim to become a representative brand of liquor.” Won Sprits is targeting the domestic market with a differentiated strategy of raising the alcohol content to 22 percent.
- CJ Entertainment enters partnership with STAYGE Labs to launch K-Pop music platform in 2022
- Hash Purple brings in ‘KDOL’, a social platform for K-Pop fans worldwide
- Korean startup AMP Inc’s Duckzill is a one-stop-shop for all things K-Pop
- Check out these Korean startups connecting K-Pop with the rest of the world