In a recent business development, ATTRAKT, the company behind FIFTY FIFTY, has managed to secure a substantial overseas investment.

According to a statement released by ATTRAKT on August 31, the company successfully landed an investment of 10 billion KRW (equivalent to ~7.54 million USD) from Evergreen Group Holdings, a global investment enterprise based in Singapore. This comes three months after ATTRAKT received substantial investments from South Korean companies, such as Hanse Industrial and Yes24, back in late May. ATTRAKT's company valuation was reported to be 60 billion KRW (~45.25 million USD) with these investments.

Evergreen Group Holdings is a global investment company based in Singapore. The young CEO of this investment company, David Yong, has been expanding the business into the entertainment industry and finance sectors. 

ATTRAKT received investment from Evergreen Group Holdings in the form of a third-party allocation, with the issuance of new common shares, at the same valuation as the investment from Hanse Industrial and Yes24.

CEO David Yong explained, "I am sincerely pleased to have this investment relationship. I decided to invest in ATTRAKT after highly evaluating CEO Jun Hong Joon's entertainment planning and execution capabilities, as well as the company's vision."

ATTRAKT CEO Jun Hong Joon also shared, "I express my gratitude to CEO David Yong, who recognized the future value of our company and willingly invested. ATTRAKT now has to move forward positively and proactively toward the future."

Furthermore, on August 25, Evergreen Group Holdings and ATTRAKT solidified their collaboration by inking a Memorandum of Understanding (MOU) regarding investment and fundraising. As per the MOU, Evergreen Group Holdings will not only directly invest in ATTRAKT but also aim to raise an additional 10 billion KRW (equity investment and new PF) from a highly-regarded investment fund in Singapore come September.

There is one particular point of interest regarding CEO David Yong. He previously appeared on KBS Joy's 'Ask Anything' on August 7. During the show, the CEO expressed his desire to invest in K-content but mentioned he lacked connections and encountered many fraudulent companies.

According to a statement by Hankook Ilbo on August 31, numerous comments on YouTube, specifically beneath David Yong's episode of 'Ask Anything,' referred to ATTRAKT's CEO, Jun Hong Joon. These interactions precipitated discussions with his team, leading David Yong to make the decision to support Jun Hong Joon financially. The mutual agreement culminated in a significant investment in ATTRAKT.

Meanwhile, ATTRAKT continues the ongoing battle over the exclusive contract with FIFTY FIFTY, after the members decided to further pursue their dispute.