# Must Ventures

> Must Ventures is a VC fund in Seoul backing Software, E-Commerce and Artificial Intelligence. See 6 investments, check sizes, portfolio. Updated Aug 2026.

- Type: VC Fund
- Location: Seoul, South Korea
- Total investments: 6
- Last investment: Aug 2022
- Lead investor: 0%
- Last updated: Aug 2026
- Website: http://www.mustventures.com

Must Ventures is a venture capital-focused investing firm.

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Software | 2 | 33% |
| E-Commerce | 2 | 33% |
| Artificial Intelligence | 2 | 33% |
| Art | 1 | 17% |
| Toys | 1 | 17% |

21 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Seed | 2 | 33% |
| Series A | 2 | 33% |
| Series B | 1 | 17% |
| Private Equity | 1 | 17% |

### Country

| Country | Investments | Share |
| --- | --- | --- |
| South Korea | 5 | 83% |
| United States | 1 | 17% |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| ZeroXFlow | ZeroXFlow is a technology company that builds 1hour, an all-in-one AI-powered platform for foreign language education designed to make learning more accessible and effective. It provides structured lessons, interactive practice, and adaptive content to support learners at different levels. The platform focuses on consistent skill development andhelps users build strong language foundations for real-world communication globally. | $1.4M | Seed | Aug 07, 2022 |  |
| MangoBoost | Data Processing Unit (DPU) is a next-generation server accelerator designed to orchestrate various intra-server devices (e.g., CPU, GPU, SSD, NPU, NIC). By maximizing the datacenter’s overall performance and cost efficiency, DPU is now considered as the most important HW/SW solution to realize the next-generation extreme-scale AI serverinfrastructure. However, despite its critical necessity from the datacenter and AI infrastructure, there is no market-leading DPU solution which can meet the customer’s actual demand due to its HW/SW complexity and the application/model heterogeneity. MangoBoost is currently the world’s most highly recognized DPU startup located in US and Korea. We provide the world’s most advanced and flexible DPU HW/SW solutions in order to fully satisfy the needs of various customers. Our DPU HW is fully composable by integrating its rich set of DPU features to construct our customer-optimal DPUs. At the same time, our DPU SW enables to seamlessly deploy the solution to any customer environment. As a result, our DPU solutions are considered very promising to realize the next-generation AI/datacenter infrastructure, and thus they are currently evaluated at various global-leading companies. MangoBoost was founded in early 2022 to commercialize 7 year of top-tier DPU research outcomes achieved at Seoul National University (e.g., many full-system DPU prototypes, many ISCA/MICRO/ASPLOS/OSDI/ATC papers). The current team consists of 45+ system engineers including ~20 top-tier PhDs from Carnegie Mellon University, Seoul National University, POSTECH, U Toronto, and ~20 industry experts from Intel, Microsoft, Samsung, and Naver. | $10.5M | Seed | May 30, 2022 |  |
| Novelpia | Novelpia is an art and entertainment platform that offers web novels and web comics. | $3.8M | Series A | Feb 14, 2022 |  |
| Modern Toy | Modern Toy is a character toy developing company that manufactures and distributes toys for infants, girls, and boys. | $3.3M | Series A | Oct 06, 2021 |  |
| Catch Fashion | Catch Fashion is an e-commerce online portal. They sell shoes, bags, jackets, caps, sweatshirts, boots, evening wear, jeans, and shoulder bags. | $18.1M | Series B | Aug 27, 2021 |  |
| Oasis Market | Oasis Market is an online store that provides valuable and warm consumer goods with overnight delivery service. Oasis Market focuses on price movements, quality, and service and offers diverse product lines through its physical retail stores and online portal, thereby enabling customers to fulfill their comprehensive product needs. | $13.2M | Private Equity | Mar 15, 2021 |  |

6 of 6 investments shown.

## Co-investors
- [A STONE VENTURES](https://shizune.co/investors/profile/a-stone-ventures) — VC Fund, 1 deal together
- Chorokbaem Media — VC Fund, 1 deal together
- [Cornerstone Investment Partners](https://shizune.co/investors/profile/cornerstone-investment-partners-faf9) — VC Fund, 1 deal together
- [DS Asset Management](https://shizune.co/investors/profile/ds-asset-management) — VC Fund, 1 deal together
- [DSC Investment](https://shizune.co/investors/profile/dsc-investment) — VC Fund, 1 deal together
- [Genaxis](https://shizune.co/investors/profile/genaxis) — VC Fund, 1 deal together

## Similar investors

### Similar stage
- [Antler](https://shizune.co/investors/profile/antler-be9c) — VC Fund
- [Alumni Ventures](https://shizune.co/investors/profile/alumni-ventures-group) — VC Fund
- [Right Side Capital Management](https://shizune.co/investors/profile/right-side-capital-management) — VC Fund

## FAQ

### What does Must Ventures invest in?

Must Ventures invests primarily in Software, E-Commerce and Artificial Intelligence startups, most often at Seed and Series A stage. Most of the 6 investments tracked by Shizune back companies in South Korea. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### When did Must Ventures last invest?

The most recent investment recorded for Must Ventures closed in Aug 2022. Shizune tracks 6 investments in total for this profile, including round sizes, stages and portfolio companies, all sourced from confirmed public funding rounds and refreshed monthly.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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