Kim Jung-ju
Kim Jung-ju | |
|---|---|
| Born | February 22, 1968 Seoul, South Korea |
| Died | February 28, 2022 (aged 54) Hawaii, United States |
| Other names | Jay Kim |
| Occupation(s) | Entrepreneur, investor |
| Years active | 1994–2022 |
| Known for | Founder of Nexon, chairman and CEO of NXC Corporation, partner at Collaborative Fund |
Kim Jung-ju (; 22 February 1968 – 28 February 2022), also recognized as Jay Kim, was a prominent South Korean entrepreneur, investor, and the creator of Nexon, the country’s leading gaming enterprise. He held the positions of chairman and CEO at NXC Corporation, the parent company of Nexon, and was a partner at Collaborative Fund, a venture capital firm based in New York.
Kim passed away on 28 February 2022 in Hawaii at the age of 54. At the time of his death, he ranked as the third wealthiest individual in South Korea.
Early life and education
Born in Seoul on 22 February 1968, Kim completed his Bachelor of Science in Computer Science and Engineering at Seoul National University. He further attained a Master of Science in Electrical Engineering and Computer Science from Korea Advanced Institute of Science and Technology (KAIST), where he later served as an adjunct professor in 2011. Additionally, he earned a Master of Fine Arts in Arts Management from Korea National University of Arts.
Career
While pursuing doctoral studies in computer science and engineering at KAIST, Kim established Nexon in 1994. Under his guidance, Nexon pioneered the world’s first graphic MMORPG with Nexus: The Kingdom of the Winds, and developed widely acclaimed games including MapleStory, KartRider, Mabinogi, and Dungeon&Fighter. With operational bases spanning Korea, Japan, the United States, Europe, and Taiwan, Nexon offers over 100 online and mobile games across more than 190 countries. The company shifted its headquarters from Seoul to Tokyo in 2005 and debuted on the Tokyo Stock Exchange in 2011. By March 2019, Nexon’s valuation surpassed US$13 billion.
In 2009, Kim consolidated his family’s controlling interest by founding NXC Corporation, where he acted as CEO until July 2021. Renowned for strategic acquisitions and investments, Kim acquired Bricklink, an online Lego marketplace, in 2013; it was subsequently sold to The Lego Group in 2019. NXC expanded its portfolio by purchasing premium children’s furniture manufacturer Stokke AS in 2014 and JetKids in 2018. Other significant acquisitions included cryptocurrency exchanges Korbit (2017) and Bitstamp (2018). NXC’s investment holdings also encompass SmartStudy, SendBird, and OnDemandKorea. Reports from 2019 indicated Kim was preparing to divest his controlling stake in NXC for around $9 billion.
Joining Collaborative Fund as a partner in 2014, Kim contributed his experience as a self-made entrepreneur who grew Nexon without external venture capital support. His focus centered on assisting startups to globalize by prioritizing early localization strategies for international markets.
In 2016, Kim encountered legal allegations concerning questionable stock dealings and bribery involving South Korean prosecutor Jin Kyung-joon. Prosecutors asserted that Kim provided Jin with over ₩920 million (approximately US$800,000), including funds used to acquire unlisted Nexon Korea shares which Jin later sold for profit. Additional payments were reportedly made to finance overseas trips. Following this controversy, Kim issued an apology and stepped down from Nexon’s board in July 2016.
Philanthropy
Kim dedicated his philanthropic initiatives primarily to advancing youth development within technology, health care, and education sectors. In 2013, he inaugurated Asia’s first computer museum—the Nexon Computer Museum located on Jeju Island—displaying a collection amassed over ten years featuring historical computers and gaming memorabilia.
In 2016, NXC along with Nexon and Neople invested more than US$18 million to establish Korea’s inaugural pediatric rehabilitation hospital—the Purme Foundation Nexon Children’s Rehabilitation Hospital situated in Seoul. To sustain corporate social responsibility efforts for children, Kim founded the Nexon Foundation in 2018 and committed an additional US$93 million from his personal assets to support startups and construct further pediatric hospitals. In 2019, the foundation contributed US$9 million toward a second rehabilitation hospital planned for Daejeon, slated to open by September 2022 as Korea’s first public children’s rehabilitation center. In October 2020, it donated KRW 10 billion (about US$8.9 million) to Seoul National University Hospital for establishing the Nexon Children’s Palliative Care Center scheduled for a 2022 opening. These philanthropic contributions earned Kim recognition on Forbes Asia’s Heroes of Philanthropy list in 2021.
The Nexon Foundation also organizes the annual Nexon Youth Programming Challenge and manages the Nexon Small Library initiative—a network comprising 130 public libraries aimed at serving underprivileged communities. Collaborating with the foundation, Kim co-founded SOHO Impact, a U.S.-based nonprofit fostering creativity among children through brick play programs. He additionally served as a founding board member of C-Program, a venture philanthropy fund initiated by founders of Nexon alongside Naver, Kakao, Daum, and NCSoft.
Recognition
Kim played a crucial role in Korea's initial tech revolution as the founder of Nexon in 1994, launching it as a game development startup and innovating the freemium gaming revenue model. In 2010, he earned a spot among Korea's Top 100 Technology Leaders. Two years later, in 2012, he was honored with the Presidential Award, the Tin Tower Order of Industrial Service Merit, recognizing his significant entrepreneurial impact within South Korea.
In 2013, Forbes listed Kim as the 11th wealthiest individual in South Korea, estimating his net worth at US$1.6 billion. By late 2018, his rank improved to 5th place with an approximate valuation of US$7.1 billion. At the time of his passing in February 2022, he held the position of the third richest person nationwide, with an estimated fortune of US$10.7 billion.
Personal life and death
Kim was married to Yoo Jung-hyun, and together they had two daughters. He passed away on 28 February 2022 at the age of 54 while on a trip to Hawaii. His death was publicly announced by Nexon's parent company NXC on 1 March, which revealed that he had been undergoing treatment for depression that had recently intensified. The precise cause of death was withheld to honor his family's privacy.