N.SPACE Acquires Naver Stake, Paving Way for Independent Management

N.SPACE Establishes Independent Management Foundation and Declares Leap as Global Proptech Company Through Acquisition of Naver's Existing Shares N.SPACE, which has successfully operated the space rental platform SpaceCloud, has solidified its founder-team-led independent management foundation by acquiring existing shares from its early investor, Naver, as treasury stock. This acquisition of existing shares, made possible by SpaceCloud's robust growth capabilities, demonstrates N.SPACE's strong commitment to realizing its autonomous future vision. Celebrating its 11th anniversary, N.SPACE, branding itself as a 'Social Developer Group', has grown SpaceCloud, which boasts 1.8 million cumulative members and 150 billion KRW in transaction volume, into a leading space platform in Korea. Notably, since securing initial investment from Naver in 2016, it has attracted industry attention for achieving continuous growth through its own momentum without further investment. Beyond its commercial achievements, N.SPACE has consistently invested a portion of SpaceCloud's operating profit in businesses that create social impact, such as the development of social housing and shared spaces, the 'Kind City Campaign', and the nurturing of local space planners. These efforts were recognized for their value by receiving the Minister of Interior and Safety Award in the Smart Space category at the 2022 Urban Innovation Awards. Naver will continue its relationship with N.SPACE as a strategic investor and collaborator, even after this acquisition of existing shares. CEO Jung Soo-hyun stated, "Having pioneered the space rental market in the real estate service industry and increased public participation, I feel an even greater sense of responsibility by acquiring existing shares from our early investor." He expressed a strong ambition to "leap forward as a global proptech company that assists small-scale space operators worldwide in their digital transformation." N.SPACE, which has been named among the Financial Times (FT)'s high-growth companies in Asia-Pacific for three consecutive years until last year, plans to officially embark on global expansion by launching test services in European and Asian markets, starting with the UK in the second half of this year.