[Blooming Lunch] Seojin Baek, Hashed Investment Manager: "I was drawn to the 'Born to be Global' nature of Crypto"

"Imagination is key in venture investment"

Seojin Baek's Non-Fungible Token (NFT). Currently, Baek's Telegram profile image.

'Meeting good people and having good conversations.' This is the basic purpose of Blooming Lunch. We meet good people in the Crypto Scene (Blockchain and Cryptocurrency ecosystem) and share their work and life.

Located near Seoul's Gyodae Station, a business district, is Suta Udon Gen. This restaurant, started in 1984, is run by a Korean-Japanese. Seojin Baek, Hashed Investment Manager, whom I met here, said, "I love the udon here so much that I come even on weekends."

Baek chose tempura without hesitation among the five types of cold udon 'Bukkake Udon' including tempura, karaage, and beef. As a side, he ordered karaage and chikuwa fish cake tempura, one of the restaurant's signature dishes.

We chatted briefly before the food arrived. Baek's career began at Tencent, China's largest gaming company. He joined Tencent's Korean branch investment team in 2015. The team's role was to find domestic companies that could collaborate with Tencent and review and execute strategic investments (SI). Baek said, "Tencent was an early investor in Kakao, investing since 2012 when Kakao was in its early growth stages," and "They also invested in various domestic gaming companies like Netmarble."

One of the largest investments Tencent made after Baek joined was in Krafton. Tencent invested 570 billion won in Krafton in 2018, right after Krafton successfully launched the game 'Battlegrounds' in 2017. Baek said, "(Battlegrounds) showed that the battle royale genre could be popularized."

As we talked, the sides and udon were served one after another. As described by the domestic restaurant guide Blue Ribbon Survey, "The salty and chewy handmade noodles were excellent." Baek took a few bites of udon and continued speaking. He said, "While working at Tencent, I learned a lot about the Korean IT industry through Kakao's growth process," and "The 2010s were a period of compressed growth for Kakao, so I could see how the Kakao ecosystem expanded." He added, "I always tried to view the (gaming and IT) industry from a 'top-down' perspective," and "Even if there was low business relevance and immediate collaboration with Tencent wasn't possible, I considered whether there could be synergy later."

From Tencent to SBVA

In 2019, Baek moved to SoftBank Ventures Asia (SBVA). SBVA started as a venture capital (VC) under Japan's SoftBank Group. Baek moved to SBVA to explore various sectors beyond the Korean gaming industry. He also wanted to develop expertise in exits (investment recovery). Baek said, "At the time, Tencent's investments were mostly strategic, so exits were rare," and "To build expertise as an investment manager, I thought I needed to experience financial investments (FI) with exits in mind."

The sectors Baek experienced at SBVA were diverse. They invested in advanced industries like semiconductors and energy, as well as startups operating mobile laundry services. Baek said, "The investment regions were also diverse, including China, Vietnam, and Africa," and "(At SBVA) I expanded the investment sectors as much as I wanted."

Tempura Bukkake Udon at Suta Udon Gen Seocho branch. Photo by Junhyung Lee

As the conversation about SBVA wrapped up, we finished our meal. Baek and I headed to Stunning Coffee Roasters, a specialty cafe near the restaurant. On the way to the cafe, we talked about NPIXEL, the gaming company Baek worked at before joining Hashed. Baek said, "At NPIXEL, I worked on attracting investments and once handled the setup of a blockchain business called 'Metapixel,'" and "That's when I became seriously interested in cryptocurrency."

"The Crypto Scene is 'Born to be Global'"

After walking about 500 meters, we arrived at the cafe. Baek ordered filter coffee. He could choose between 'White' based on Ethiopian beans and 'Obsidian' based on Panamanian beans. Baek chose the White with acidity.

Baek joined Hashed last year. His connection with Seojun Kim, who leads Hashed, dates back to 2019. At that time, Kim was a venture partner at SBVA. Baek said, "There were startups I invested in or co-invested with Hashed through the introduction of Hashed," and "I was continuously drawn to the Crypto Scene even while at SBVA."

After the coffee was served, I asked him about the appeal of the Crypto Scene. Baek cited 'Born to be Global' as one of its attractions. He said, "(In the Crypto Scene) all networks and communities operate globally and are organically connected," and "Since the industry is based on global foundations from its inception, the DNA of the community seems different from other industries." He continued, "(The Crypto Scene) has such a fast pace of industry and community development that the inflow and turnover of capital are also very fast," and "There's no time to be bored, and there's also a belief in the innovation of blockchain itself."

Filter coffee at Stunning Coffee Roasters. Photo by Junhyung Lee

'Collaborative culture' is another attraction Baek pointed out. Baek said, "(In the Crypto Scene) members are in the process of proving together what benefits blockchain technology and industry can bring to the world, so the collaborative culture is strong," and "Various networks are organically intertwined, and so many things happen in a short period that real-time sharing is essential, which is one of the backgrounds of the collaborative culture."

What does he think about the VC investment industry? Baek said, "I believe 'imagination' is important in venture investment," and "To find startups that will grow, you have to constantly imagine the future with the founders." He added, "It seems that flexibility in accepting that some sectors may rapidly emerge or become difficult is also necessary," and "This is because the industry itself changes so quickly and there are many uncontrollable external variables."

He said he likes the VC investment industry because it "suits his disposition." Baek said, "These days, I constantly think about how to make investments that are fun and productive," and "I have a lot of intellectual curiosity and tend to keep looking for new things, so (the VC investment industry) suits my disposition." He continued, "I don't think you necessarily have to make a career out of what you love," and "However, if you love your work, your soul is in it, and there seems to be a difference in the 'final detail.'"

At Hashed, he emphasized that he wants to "act as a bridge connecting Korea and the global market." Baek said, "Looking back, I've always worked to connect the Korean market with the global market," and "In the Crypto Scene, continuing this role is my goal."

In his free time, he said he exercises or reads books. He mainly plays tennis and, although he graduated from an engineering school, he reads a lot of humanities books. Baek said, "Actually, I often just 'zone out' with Netflix on," and laughed.

After finishing the coffee, I parted ways with Baek at the cafe. He stayed behind, saying, "I'll work here." On my way out of the cafe, I saw Baek already engrossed in work with his laptop open through the window.

This interview was not supported or financially compensated by any specific restaurant or brand and was conducted without commercial intent. The 'Blooming Lunch' corner aims to capture free interviews in a casual atmosphere at the interviewee's favorite regular restaurant.