This article was posted on the ChosunBiz MoneyMove (MM) site at 4:09 p.m. on Nov. 6, 2025.
Venture capital firm Devsisters Ventures recovered part of its investment in Studio B-Side, a developer specializing in subculture games. It was an interim recovery from the sale of existing shares due to the fund's maturity, and as institutional investors flocked to the expected success of the next title, the firm is believed to have recovered more than 10 times its investment.
According to investment banking industry sources on the 6th, Devsisters Ventures recently sold part of its stake in Studio B-Side to domestic venture capitalists and other institutional investors. The shares were early-stage investment equity held through the Dev-Youth Startup Investment Association No. 2, and the sale size was under 10 billion won, with the company's total valuation set at about 100 billion won.
Studio B-Side, which makes anime-style games and is so-called a subculture game developer, was launched in 2017. It was founded by producer Ryu Geum-tae, known in the industry for developing action role-playing games such as Elsword and Closers, with the goal of 'making the games I want to play myself.'
Studio B-Side later solidified its position in the game industry by releasing the subculture collectible RPG Counterside in 2020. In its first year after release in 2020, it posted about 4.4 billion won in sales, and the following year, 2021, it succeeded in turning operating profit positive. Last year, sales were 10.9 billion won and operating loss was 6 billion won.
Devsisters Ventures was the first institutional investor to take notice of Studio B-Side's growth potential. It made its first investment in the company's founding year, 2017. The company's valuation at that time was under 10 billion won. After a total of four follow-on investments, by the end of last year it rose to become the third-largest shareholder after CEO Ryu and Nexon Korea.
The maturity of the Dev-Youth Startup Investment Association No. 2 led to the sale of some existing shares. The Dev-Youth Startup Investment Association No. 2 is a 15 billion won venture investment fund Devsisters Ventures formed in 2016, and through that fund Devsisters Ventures held 11.42% equity in Studio B-Side.
Devsisters Ventures is reported to have earned more than 10 times profit immediately from the sale of part of its shares. As Counterside secured a stable user base at home and abroad and settled into long-term service, Studio B-Side's valuation, which was under 10 billion won at the time of initial investment, rose to around 100 billion won.
In particular, it was reported that many institutional investors wanted to trade existing shares ahead of Studio B-Side's new title release, Star Savior. Star Savior is the second game Studio B-Side is introducing after Counterside; development began in 2022 and its official release was confirmed for the 20th of this month.
Expectations for Star Savior's success also affected Devsisters Ventures' investment recovery. According to Studio B-Side's closed beta test results for Star Savior released to investors and others, the three-day consecutive login rate exceeded 70%, and 87% of participants rated it 'fun.'
Meanwhile, Devsisters Ventures plans to retain its remaining shares held through funds such as the Dev-Nexid Youth Startup Investment Association No. 3, in addition to the shares held through the Dev-Youth Startup Investment Association No. 2. Devsisters Ventures participated in Studio B-Side's new fundraising in August and continued follow-on investments.