This article was posted on the ChosunBiz MoneyMove (MM) site at 3:31 p.m. on Nov. 13, 2025.
Venture capital firm Saehan Ventures will make an additional investment in entertainment agency THE BLACK LABEL. The decision comes as THE BLACK LABEL has demonstrated growth by releasing consecutive hits such as "Apartment" and "Golden." Saehan Ventures is understood to have set a policy to make a new investment of at least 20 billion won.
According to the VC industry, Saehan Ventures recently finalized a plan for a follow-up investment in THE BLACK LABEL and has begun fundraising. It plans to form a project fund of up to 22 billion won called the Saehan TBL Venture Investment Partnership and use the entire amount to purchase new shares of THE BLACK LABEL.
THE BLACK LABEL was founded in 2016 by director Park Hong-jun (Teddy), a former member of the hip-hop group 1TYM who was regarded as a leading producer at YG Entertainment. It initially served as an outsourced record production company for YG Entertainment but expanded into planning its own records in 2020.
Saehan Ventures became a shareholder in 2020 when THE BLACK LABEL began full-scale planning of its own records. At that time, Saehan Ventures raised funds from Samwoo and Thumbage and directly contributed 20 billion won, investing 47.5 billion won through the Saehan Venture Fund No. 14 it established, valuing the company at 150 billion won.
THE BLACK LABEL's demonstrated ability to cultivate artists and produce records led Saehan Ventures to decide on the follow-up investment. In particular, "Apartment," released last year as a duet by Rosé and pop singer Bruno Mars, became a global hit, reaching No. 3 on the Billboard Hot 100.
Recently, it has also gained attention for the Netflix animated film "K-Pop Demon Hunters." THE BLACK LABEL produced the K-Pop Demon Hunters original soundtrack songs such as "Soda Pop," "Golden" and "Your Idol." In addition, THE BLACK LABEL's coed group "ALLDAY PROJECT" is also gaining popularity.
Saehan Ventures is said to have set THE BLACK LABEL's corporate value at about 800 billion won and plans to invest accordingly. That is more than five times the company's valuation at the time of the initial 2020 investment. After the investment, Saehan Ventures, the second-largest shareholder, is estimated to hold equity in the mid-20% range.
Some predict that the clock on THE BLACK LABEL's initial public offering could speed up after Saehan Ventures's move. The view is based on the idea that THE BLACK LABEL, aiming for a listing worth trillions of won, is undergoing a pre-IPO round that allows market participants such as VCs to validate its valuation before going public.
An industry insider in the VC sector said a THE BLACK LABEL hired a chief financial officer who was an accountant and led the Pearl Abyss IPO this year, adding that it appears the company will stabilize its financial structure through fundraising during its business expansion phase and pursue a full-scale IPO.