In a significant move towards fostering international investment and propelling Korean ventures and startups onto the global stage, the Ministry of SMEs and Startups has unveiled the ‘2023 Global Fund Management Company Selection Results’. Seven global funds were selected this year, including Guro, Seoul and SOSV, located in New Jersey, USA. The global fund plans to raise more than 1,303.2 billion won (974 million USD) by investing 64.9 billion won (48 million USD) from the ‘Funds of Funds.’
The rigorous selection process of the ‘2023 Global Fund Management Companies’ involved document reviews, on-site screenings, and assessments by the Investment Deliberation Committee. The Korea Venture Investment Corporation played a pivotal role in the business announcement phase. Out of a total of 45 funds requesting investments totaling 491.1 billion won (367 million USD), seven standout companies emerged as the final selection.
The project timeline saw project announcements in May, followed by document reviews (June-July), on-site evaluations (July), and culminating in the investment deliberation committee’s final decision (July). This comprehensive evaluation process underscores the Ministry’s commitment to selecting partners with robust potential for catalyzing global investment growth.
The ‘Global Fund’ has exhibited remarkable success since its inception in 2013. It has invested a substantial 628.7 billion won (470 million USD) from the fund of funds and is presently managing 59 funds valued at 8.8515 trillion won. Geographically dispersed, these funds are situated across diverse regions, including 30 in the United States, 14 in Southeast Asia, 8 in China, 5 in Europe, 1 in the Middle East, and 1 in Central and South America.
Through the ‘Global Fund,’ a total of 553 domestic companies have received investments amounting to 1.64 trillion won (1.22 billion USD), surpassing the fund’s own investment by 1.6 times. Notable success stories born from this initiative include unicorn companies such as Woowa Brothers, Viva Republica, and Curly.
Minister Lee Young said, “Based on the overseas network established through the ‘Global Fund,’ we will actively support our ventures and startups in attracting investment and entering the global market.” Since taking office, Minister Lee Young has steered the Ministry of SMEs and Startups toward proactive measures that bolster Korean businesses’ global presence. Initiatives such as the creation of a joint fund with the United States and Saudi Arabia and participation in key events like Saudi Arabia’s BIBAN and France’s Vivatech are evidence of the Ministry’s determination to accelerate Korea’s global technology footprint.
The selection of these ‘2023 Global Fund Management Companies’ signifies a vital step in the ongoing journey to position Korea as a thriving hub for innovation and global investment.
Status of global fund selection companies
| Region | Manager | Overview |
| USA | SOSV |
|
| DCM |
|
|
| G Squared
|
|
|
|
EUROPE |
Kurma Partners(France) |
|
| Greyhound Capital(UK) |
|
|
| ASIA | Headline Asia (Japan) |
|
| MDI (Singapore)
+KB Investment
|
|
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