April 24, 2024

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[THE INVESTOR] Korean distiller Hite Jinro has recently opened a co-working space named New Block in Seoul in partnership with The Ventures, one of the leading startup accelerators here.

The firms aim to make the office serve as a space that helps budding startups to maximize their potential.

(The Investor / Lee So-jeong)

“Our company has been interested in the food-tech business and The Ventures is an outstanding player in the investment field. We decided to run the shared office business together because we have a similar vision,” said Kang Sang-won, new business development team of Hite Jinro.

He added that starting a co-working space business was a new challenge for Hite Jinro, which runs operations in the rather conservative liquor industry. 

(The Investor / Lee So-jeong)

“We hope that the conservative side of both the company and the whole industry can change into a more open one by more interaction with startups.”

The 1,700-square-meter shared space, located at the distiller’s Seocho headquarters, consists of 18 office rooms, six meeting rooms and open desks. It has convenient facilities such as a cafe lounge, phone booths and a conference room, operating on a monthly membership model.

Seven startups -- The Ventures, Pience, Doum Factory, Byandus, Whatvita, Lecle and Vingle -- have moved in so far, with more domestic and global firms expected to join them.

Hite Jinro and The Ventures are also set to operate unique programs, which include startup mentorship and networking services through which members can learn know-how from successful business cases.

“New Block is pursuing new values -- new era and place -- so I hope it will be ideal for those creating such values and cooperating with other startups,” said Will Choi, senior associate at The Ventures.

By Lee So-jeong (xojeong2@heraldcorp.com)