MegazoneCloud raises $132.1M in a convertible note

Korean press reports describe the ₩200B as the exchangeable bond portion of a larger ₩800B (about $528M) financing that Glenwood Credit arranged for Megazone, the parent of MegazoneCloud. The other roughly ₩600B is a loan-style investment secured by MegazoneCloud shares. Crunchbase labels the round a convertible note, but the issuer in these reports is the parent, not the cloud unit. The money settles a put option. MBK Partners' special situations fund and IMM PE, who together held 19.03% of MegazoneCloud, exercised it in January. Payment was due by July 2. Megazone's stake is reported to have risen from 53.16% at end-2024 to about 72%. Invest Chosun put MegazoneCloud's implied value near ₩4T. MBK and IMM are said to be keeping some shares for the IPO. For founders, the deal shows how a pre-IPO company can clear investor exit rights with structured debt instead of new equity. MegazoneCloud posted 2025 revenue of ₩1.75T and a first net profit of ₩8.2B, which helps a listing case. The put option and the new financing obligations are now the open issues for IPO diligence, and founders who grant investors liquidity rights should plan how to fund them.