In a significant move to attract private-sector venture investment, the Korean government has announced the formation of the ‘Startup Korea Fund,‘ with a total capital pool of 837.6 billion won ($629 million). The initiative has exceeded initial expectations, attracting more private investment than anticipated, and marks a bold step in transforming South Korea into a global hub for startups. On September 19, the Ministry of SMEs and Startups revealed the results of the ‘Startup Korea Fund’ investment project, announcing that the fund would be formed through joint contributions from both the government’s mother fund and private investors. The initial target for the fund was 500 billion won ($375 million), but with active participation from private sector players, the total has soared to 837.6 billion won ($629 million), surpassing the goal by 1.7 times. Focus on Ultra-Gap Technologies and SMEs for Sustainable Growth The fund will be primarily allocated to two key sectors: 687.6 billion won ($516 million) will focus on ultra-gap technologies—cutting-edge fields like artificial intelligence, biotechnology, and robotics—while 150 billion won ($112 million) will be channeled into secondary investment…
19 Sep 2024