VIG Alternative Credit (VAC), a South Korean alternative credit investing platform, has signed a contract to acquire 60 billion won ($42.71 million) worth of bonds with warrants (BW) issued by Zigbang Co., a leading Korean property technology company.

According yo VAC on Thursday, the decision was based on the service competitiveness of Zigbang and Hogangnono - both major real estate platforms in Korea - and the growth potential of the real estate industry.

Zigbang is rapidly expanding into high-margin new businesses beyond the one-and two-room rental market, including advertising services targeting apartment brokers and marketing products for new apartment sales.

VAC also positively evaluated Zigbang’s active efforts to secure next-generation growth engines through artificial intelligence (AI)-based smart home solutions, such as facial recognition door locks and lobby phones.

VAC, in the meantime, aims to launch its third fund worth 350 billion won by the end of this year.

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