South Korea’s early-stage venture capital house Bass Investment said it had closed its second fund worth 37.7 billion won ($31.1 million) last week, in the latest addition to its initial 28.6 billion won fund.

The new vehicle’s backers include K Cube Holdings, Com2uS, as well as ex-entrepreneurs -- including Chang Won-gui, founder of secondhand marketplace Bungae Jangteo who exited from the firm in January. No state fund has joined as its limited partner.

The fund will “not only extend financial support to startups but also address their practical needs for growth,” Kang Jun-year, partner and co-founder of Bass Investment, said in a statement.

Kang, formerly chief strategy officer at Kakao, co-launched the VC firm with Ticket Monster founder Dan Shin in May 2018.

Bass Investment is dedicated to investing mostly in seed round and pre-series A round funding. Its 51 portfolio firms include Creatrip, a travel activities platform targeting visitors to Korea; Hince, a cosmetics startup; and TravelWallet, a remittance platform.

By Son Ji-hyoung (consnow@heraldcorp.com)