April 20, 2024
Finance
SMBA to form W120b fund with French VC
[THE INVESTOR] The Small and Medium Business Administration on Dec. 13 signed a memorandum of understanding with French venture capitalist Idinvest Partners to form a 120 billion won (US$103.14 million) joint fund.
This is the first time a French VC is creating a fund to finance South Korean small and medium-sized enterprises, according to SMBA.
Korea Fund of Funds, European Development Fund and Peugeot Group will invest in the fund, and the leading French private equity manager will help South Korean companies to expand into information technology, health care and eco-friendly technologies markets in Europe and Africa.
“We will help support Korean and European startups to grow worldwide like Criteo of the US (a NASDAQ-listed online advertising company Idinvest has helped grow into a behemoth worth 2.6 trillion won),” said Christophe Bavière, CEO and managing partner of Idinvest Partners.
By Hwang You-mee (glamazon@heraldcorp.com)
This is the first time a French VC is creating a fund to finance South Korean small and medium-sized enterprises, according to SMBA.
Korea Fund of Funds, European Development Fund and Peugeot Group will invest in the fund, and the leading French private equity manager will help South Korean companies to expand into information technology, health care and eco-friendly technologies markets in Europe and Africa.
“We will help support Korean and European startups to grow worldwide like Criteo of the US (a NASDAQ-listed online advertising company Idinvest has helped grow into a behemoth worth 2.6 trillion won),” said Christophe Bavière, CEO and managing partner of Idinvest Partners.
By Hwang You-mee (glamazon@heraldcorp.com)
