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Why this investor took a $28 million gamble on a serial failed entrepreneur | CNBC

Why this investor took a $28 million gamble on a serial failed entrepreneur | CNBC

Altos Ventures invested in an app developed by an entrepreneur who failed eight businesses and faced a lawsuit. After meeting with Seunggun Lee, the developer of the app Toss, the managing director of Altos Ventures saw an opportunity to bring the money transfer trend to Korea and believed Lee was the man for the job. Knowing he was not the type to give up, the director invested $1M into the app when it was barely off the ground. Now, Altos Ventures has donated a total of $28M and Toss has attracted the attention of major investors elsewhere. It turns out that gambling on someone who knows the ins and outs of failure is a strategic move.

Source: https://www.cnbc.com/2019/09/26/why-investor-altos-ventures-backed-toss-failed-entrepreneur-founder.html

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