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The Korea Herald
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THE INVESTOR
March 19, 2024

Startups

IMM Investment eyes burgeoning biotech industry

  • PUBLISHED :March 23, 2018 - 16:36
  • UPDATED :March 23, 2018 - 16:44
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[THE INVESTOR] Korea’s IMM Investment, which had a hit with Celltrion, said it will continue to bolster investments in the biotech industry. 

“I see the biotech industry as a very competitive market with great opportunities, so we will continue to invest in these areas,” Ji Sung-bae, president and CEO of IMM Investment, said at an event hosted by Startup Alliance on March 22. “We are also looking at fintech areas, but we feel deregulation needs to come first.”

Established in 1999, IMM Investment is one of the seasoned private equity and venture capital firms here covering startups, mezzanine financing, infrastructure, and most recently, aircraft leasing. Its larger affiliate IMM Private Equity invests in buyouts and growth capital opportunities, such as Woori Bank and Holly’s Coffee. 

IMM Investment’s portfolio consists of more than 80 firms, including leading startups such as Woowa Brothers, Bluehole Studio and WeMakePrice, as well as Celltrion and its distributor unit Celltrion Healthcare. Ji said IMM has invested over 200 billion won (US$186 million) in Celltrion since its early days in 2007. 


Ji Sung-bae, president and CEO of IMM Investment. Startup Alliance



With about 2.2 trillion won asset under management, IMM operates 25 funds –- both blind funds and secondary funds. Among them six funds target mainly startups, focusing on Series A and beyond.

While major local VCs are eying investment opportunities overseas, Ji emphasized it will continue to fund local startups. 

“The investing part is easy. It’s the follow-up support that’s difficult,” the CEO said. “We do invest in some overseas startups, but it’s difficult to fully engage with them due to the physical distance. One role for VCs, in my opinion, is to continuously engage and support our portfolio company, including follow-on investments. That’s where VCs shine the most.”

According to Ji, there are still many great local companies in Korea to invest in. 

And owing to its tendency for variety, IMM has room to invest more aggressively and actively in startups, he emphasized. 

For example, it established an aircraft-leasing firm Crianza Aviation in 2016. Now it has 10 aircrafts, including two Airbus A380s, A300 and Boeing 777, which are leased to major carriers, including Singapore Airlines, Qatar Airways and Emirates. It also invests in PSA Hyundai Pusan New-port and Eco Management Korea. 

“VCs have to expand their size in order to make large-sum investments. But it’s difficult to operate a VC only through management fees,” said Ji. “The return from infrastructure and aircrafts may not be high, but it helps to create a long-term stable investment returns. Thanks to the sustainable portfolio, we can invest more aggressively in high-risk startups.” 

The CEO, however, doesn’t believe VCs should invest only in startups. “The venture spirit is to discover various sectors and make investments. We are seeking and discovering new areas all the time for more opportunities that are left.”

For startups that want to get funding from IMM, Ji stressed “entrepreneurship” among others, is what they are looking for, saying IMM saw a great deal of it at Bluehole Studio and Woowa Brothers. 

“We look at the business model, market size and the industry’s potential. But most of all, the leader’s entrepreneurial drive and morality is what matters the most,” he said. “They could fail and face obstacles along the way, but if the founder has enough entrepreneurial drive and is flexible enough, there can be new opportunities that create far more value.”

By Ahn Sung-mi (sahn@heraldcorp.com)

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