Kakao Games has made an equity investment of $16.8m in esports developer Neptune.

As reported by Pulse, this marks the third time Kakao’s gaming subsidiary has invested in the esports developer, which raises its stake to 11 per cent.

Kakao Games is working with Neptune to release two games featuring the Kakao Friends cast of characters. The publisher has placed high expectations on Neptune’s expansion in esports and multi-channel networks.

Another round

“Esports that take up an important part of the game industry have so much growth potential,” said Kakao CEO Nam Goong-hoon

Neptune CEO Jung Wook added: “The investment would help Neptune make an additional investment and form strategic partnerships to promote the steady growth of the esports market.”

Kakao Games is currently looking to float on South Korea’s second-tier stock exchange, the Kosdaq. The publisher is likely to launch its IPO by the end of this year.