April 19, 2024
Economy
Korea gears up for venture boom
[THE INVESTOR] Korea’s Ministry of SMEs and Startups and Korea Venture Investment Corp., a government-backed fund-of-funds management company, selected 48 venture capital firms to operate 1.45 trillion won (US$1.27 billion) in various funds that aim to find the country’s new growth engines and create more jobs, they said on Oct. 10.
In July, the Korean government allocated a record 860 billion won for a fund-of-funds to spur the growth of venture firms. The 585 billion won in private funds are also expected to be matched with government-backed funds.
Among the 48 venture capital firms, 21 have been selected to manage 882 billion won funds that help young people to establish their own business.
A total of 12 firms including STIC Investment and Smilegate Investment will operate 778 billion won in funds seeking opportunities in the so-called fourth industrial revolution fueled by advances in artificial intelligence and information technology. The biggest fund worth 140 billion won will be operated by Atinum Investment.
The new funds will be set up by the end of this year, the newly created ministry and KVIC said.
By Park Ga-young (gypark@heraldcorp.com)
In July, the Korean government allocated a record 860 billion won for a fund-of-funds to spur the growth of venture firms. The 585 billion won in private funds are also expected to be matched with government-backed funds.
Among the 48 venture capital firms, 21 have been selected to manage 882 billion won funds that help young people to establish their own business.
A total of 12 firms including STIC Investment and Smilegate Investment will operate 778 billion won in funds seeking opportunities in the so-called fourth industrial revolution fueled by advances in artificial intelligence and information technology. The biggest fund worth 140 billion won will be operated by Atinum Investment.
The new funds will be set up by the end of this year, the newly created ministry and KVIC said.
By Park Ga-young (gypark@heraldcorp.com)
