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The Venture Codex

Kora Management

10 Jay Street, Suite 6A, Brooklyn, NY, 11201, United States

Overview

Kora invests in exceptional teams building enduring businesses in emerging markets.

Total investments
12
Lead investments
8
Investments · 12mo
2
Active investors
2

Sector focus

  • Financial Services
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Investment portfolio

  • Plata Card

    Participated · Series C · Apr 2026

    Plata was founded in Mexico in 2023 by former top managers of Tinkoff and is led by CEO Neri Tollardo. In February the company received a banking license and began operating as a full bank. Plata has grown rapidly: annual revenue reached $600M and its credit portfolio expanded roughly 170% to nearly 10 billion pesos in 2025. The company has raised over $2 billion in combined equity and debt since inception and most recently secured a $405M financing that valued it at $5.0B. Leadership additions include the hire of Marcos Cantt as chief financial officer. Plata is considering an IPO as it continues to scale in Mexico's large underbanked market.

  • Paymob

    Led · Series B · May 2022

    Paymob offers an omnichannel payment gateway supporting over 50 payment methods, including wallets, cards, BNPL and QR, and serves more than 350,000 merchants across five MENA countries. The company has expanded from Egypt and Pakistan into Oman, Saudi Arabia and the UAE while building products such as an SMB app, embedded checkouts, lending and advanced settlements. Paymob has focused on cross-selling additional services to increase average revenue per merchant and partners with platforms like Shopify and Tabby to improve margins. It reported a $5 billion total payment volume and 120 million transactions in 2020, though updated TPV and transaction figures were not disclosed. The fintech became profitable in Egypt in Q2 of this year, with revenues in Egypt growing sixfold since mid-2022, while it remains unprofitable in its other markets. Paymob employs just over 1,000 people and continues pushing expansion and product development to capture faster-growing digital payment adoption in the Gulf. Paymob provides tech-driven payment channels aimed at reducing costs for SME merchants. The company’s product focuses on enabling more efficient, technology-enabled payments to improve economic opportunities for owners and employees of small businesses. British International Investment says its funding will support Paymob’s growth and the scaling of its payment solutions. Paymob is domiciled in the Netherlands and the investment delivers impact in Egypt, Pakistan and Saudi Arabia. BII committed $5m in April 2022 as an equity investment to support the company’s expansion. An Environmental and Social Action Plan (ESAP) was agreed with Paymob, focusing on updating HR policies and developing a safeguarding policy. Paymob offers a payment gateway with APIs for online merchants, a POS solution for in‑store card acceptance, and payment links for mobile‑wallet transactions. The platform processes a large share of Egypt’s mobile‑wallet volume — the company says it handles 85% of such transactions — and claims to be the country’s largest payment facilitator. Paymob serves more than 35,000 local and international merchants and reported over $5 billion in total payment volume; monthly revenue grew more than 5x last year. The company is present in Egypt, Kenya, Pakistan and Palestine and plans regional expansion with an imminent entry into Saudi Arabia, then wider Sub‑Saharan rollouts after focusing on the GCC. Post‑raise, Paymob intends to expand its merchant network, meet increasing demand and enhance its product offerings.

  • Provable

    Led · Series B · Feb 2022

    Aleo provides a developer platform for fully private, scalable blockchain applications using zero-knowledge cryptography to move smart contract execution off-chain and enable high-throughput, private transactions. The platform verifies rather than re-executes transactions, which the company says improves scalability and supports complex real-world use cases without centralized servers. Aleo’s technology targets privacy and scalability challenges in blockchain, enabling developers to build decentralized apps for gaming, DeFi, and other applications while protecting user data. The company is preparing for a mainnet launch later this year and plans to use new funding to develop products and services that help developers build an ecosystem on top of its network. Financially, Aleo completed a $200M Series B at a $1.45B valuation, following a $28M Series A in April 2021. The Series B was described as the largest fundraising round in the zero-knowledge industry. Aleo provides a full-stack platform that makes zero-knowledge proofs (ZKPs) programmable across the application stack so developers can build private-by-default decentralized applications without deep cryptography expertise. The platform combines blockchain architecture and ZK cryptography to enable private interactions, claiming greater scalability than a traditional blockchain. Aleo offers end-to-end developer tools and has launched Developer Preview II ahead of its public network. The company is inviting community participation in a universal setup ceremony this spring and is focused on enabling use cases such as gaming and consumer finance. Aleo raised $28M to support development of its next-generation platform and ecosystem growth. The team includes cryptographers and engineers from companies and universities like Google, Amazon, UC Berkeley, and Johns Hopkins.

  • Dream Games

    Participated · Series C · Jan 2022

    Dream Games is a Turkish mobile gaming studio best known for Royal Match and the recently launched Royal Kingdom. Royal Match has generated over $3 billion in lifetime revenue and nearly 300 million downloads. Royal Kingdom launched in November 2024 and earned $5.5M in net in‑app purchase revenue in its first month—about three times Royal Match's initial month. The company's core product focus is expanding the Royal Universe, centered on flagship IP including King Robert, King Richard & The Dark King. With backing from new investors, Dream Games plans to continue expanding the Royal universe and develop new titles. Founded in 2019, the studio has rapidly scaled commercially and is pursuing further global expansion. Dream Games is an Istanbul-based developer best known for the hit mobile game Royal Match. Royal Match is currently one of the highest-grossing mobile games on the market. The company plans to continue investing in and developing Royal Match while also working on its next launch, expected later this year. Dream Games has signaled it may prioritize extending successful franchises and spacing out new releases rather than producing titles rapidly. The company is led by co-founder and CEO Soner Aydemir, who has compared the studio's approach to Pixar's low-frequency, high-quality release cadence. The firm’s strong monetization and audience growth underlie investor interest. Dream Games is an Istanbul-based mobile games developer focused on its puzzle title Royal Match. Royal Match launched globally in March and quickly became a top casual puzzle title, praised for retention and polish. The game reportedly has about 6 million monthly active users and generates roughly $20 million per month in revenue from in-app purchases, according to AppAnnie and a source close to the company. Dream emphasizes a no-ads, in-app-purchases monetization strategy and says it has a high LTV that enables sustainable scaling. The team spent years refining Royal Match with extensive testing and draws on experience from Peak Games. The company is hiring to support growth and plans heavy user-acquisition campaigns, with Asia (Japan, South Korea and China) a stated focus and the possibility of another game next year. Dream Games is an Istanbul-based mobile games studio that launched its first title, Royal Match, a match-3 puzzle game, with a GA release on iOS and Android after limited tests in the U.K. and Canada. During the limited test Royal Match saw roughly one million downloads and about 200,000 daily average users. The company was founded in 2019 by former Peak Games employees and says it aims to build an entertainment company that starts with casual puzzle games and will expand into other genres. Dream Games emphasizes combining engineering, art and data science with high-quality user acquisition and marketing to create durable, high-quality titles. Financially, the company has raised a $50 million Series A—the largest Series A in Turkey to date—and previously raised a $7.5 million seed in 2019. Dream Games did not disclose its valuation for the round. Dream Games is a Turkish mobile gaming studio founded by former Peak Games employees that is developing high-quality casual puzzle games but has not yet launched a product. The founding team is led by CEO Soner Aydemir and includes former Peak engineering, product and art leads. The studio plans to focus on a single flagship title that can be iterated over the long term, emphasizing "evolution over innovation" and "execution over ideas." It targets players over the age of 25 in the U.S., Canada and Europe, and estimates a roughly 65% female, 35% male audience. The company will use the seed funding to grow headcount, targeting 20 employees in year one. The founders point to Turkey's growing mobile games ecosystem and past regional exits as supporting context for their strategy.

  • Forte

    Led · Series B · Nov 2021

    Forte offers an end-to-end platform that lets game publishers integrate blockchain features such as embeddable token wallets, NFT minting/sales, payment rails, and tools for managing digital and virtual assets. The platform emphasizes built-in compliance and security for regulated activity, including money transmittal, anti‑money laundering, tax compliance, and IP protection. Forte highlights customizability and interoperability across multiple blockchains, with pathways to Layer‑1 and Layer‑2 networks and cross‑chain portability. The company is currently invite-only and in private testing, working with 40+ game developer partners and reaching 15M+ players across partner games. Forte positions itself to help publishers transition from initial NFT introduction to long-term in-game economies and player-to-player marketplaces. The team includes industry veterans from Unity, Riot, EA, Sony, Rockstar and others, and the company says its mission is to prepare developers of all sizes for blockchain gaming. Forte offers an end-to-end blockchain economic platform that lets game developers create fungible tokens and non-fungible tokens (NFTs) and build scalable token-based game economies. The company is currently invite-only and in private testing and works with 25+ game developer partners. Its platform has enabled 5M+ NFTs minted and reaches 8M+ players across partner games. Forte is engaged with industry veterans and developer projects from creators such as Will Wright and Jeff Tunnell, and previously announced partners include Hi-Rez Studios, Penrose, nWay, and others. The company plans to use new funding to accelerate development of its platform and expand access to developers, players, and fans. The team includes longtime industry members from Unity, ngmoco, Riot Games, Electronic Arts, Sony, and Rockstar Games.

Team

  • Nitin Saigal

    Founding Partner & Chief Investment Officer

    LinkedIn
  • Tarun Sharma

    Chief Data Scientist

    LinkedIn