Friday, 12 April 2024

Korea government invests KRW 910 B to raise more venture capital fund for startups

15 February 2024 | News

Supporting investment areas that have been overlooked by creating specialised funds

Image credit: shutterstock

Image credit: shutterstock

The Ministry of small and medium enterprises (SMEs) and Startups in Korea has recently announced its plans to invest KRW 910 billion in order to raise a venture capital (VC) fund of KRW 1.7 trillion through the public announcement for the first round of regular investment in a Fund of Funds.

The first round of regular investment involves a record-breaking KRW 150 billion investment in the Global Fund to create over KRW 1 trillion fund. The Global Fund aims to support attracting overseas investment in domestic startups. 

Further, a record-breaking KRW 100 billion will be invested in the 'Regional Venture Capital Fund,' which specialises in supporting startups and venture businesses outside the capital region.

By investing over KRW 100 billion into the Rookie League fund exclusive to the newly established small and medium-sized VCs, the investment project revamps its operational method to ensure that rookie venture capitals directly propose challenging investment areas.

The 'Startup Korea Fund,' created by large corporations, financial institutions, and successful ventures, is currently assessing private investors' willingness to participate. A separate investment announcement is scheduled for March 2024.

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