Seoul-based global startup accelerator SparkLabs said on April 13 it has joined hands with nonbanking lender Shinhan Capital to create a 10.1 billion won ($8.28 million) fund to support early-stage startups.
The vehicle is aimed at investing in SparkLabs alumni and other early-stage startups with growth potential, as well as secondary investing in fast-growing companies in the fields of health care, biotechnology and manufacturing.
The fund is co-managed by SparkLabs and Shinhan Capital, and is backed by limited partners including Kwangdong Pharmaceutical, Youngwon Holdings and SBS Media Holdings.
Jimmy Kim, co-founder and general partner of SparkLabs said in a statement that the investors will “not only enhance the portfolio companies’ valuation, but also support their foray into the global markets.”
SparkLabs was founded in 2012 and has invested in 145 startups across the world. It has been holding three-month accelerating programs for startups in countries including Korea, China, Taipei, Hong Kong, Singapore, Australia and the United States.
By Son Ji-hyoung(firstname.lastname@example.org)