KRW 89 billion in foreign VC funding flows into Korean startups... KRW 700 billion global fund established

Source: TokenPost Original Title: 89 Billion KRW in Overseas VC Funding Flows to Korean Startups…Korea Venture Investment Corporation Forms 700 Billion KRW Global Fund Original Link: https://www.tokenpost.kr/news/economy/312963 Korea Venture Investment Corporation (KVIC) will form a global fund worth 721.4 billion KRW in collaboration with overseas venture capitalists from four countries, including the US and France. Of this, at least 89 billion KRW is expected to be invested in domestic startups.

On December 9, KVIC announced that it had selected six companies from four countries, including the US, France, and Hong Kong, as this year’s second-half global fund managers. The total size of the fund is about 721.4 billion KRW, with the parent fund contributing 76.8 billion KRW.

The core of this initiative is that the parent fund invests in funds raised by foreign managers on the condition that those managers are required to invest at least an equivalent amount in Korean startups. Accordingly, at least 89 billion KRW will flow into domestic startups.

The global fund has been promoted since 2013, and notable achievements include supporting the growth of unicorn companies like Toss and Danggeun Market, which have attracted global attention. It is a systematic investment program that enables Korean startups to attempt global business expansion from the early growth stage, leveraging overseas VCs’ networks and capital.

KVIC plans to continue this strategy going forward. It has expressed its ambition to establish global funds worth more than 1 trillion KRW annually and strengthen the link between foreign capital and domestic startups.