South Korea Expands Global Venture Fund to Incubate 1,000 Leading Startups

[Photo by MK DB]

The South Korean government will expand its global venture investment fund to 8 trillion won ($6.3 billion) next year, fostering 1,000 startups that will lead the country’s transformation into a digital economy.

The plan was presented to President Yoon Seok-yeol at next year’s policy briefing by the Ministry of Small Businesses and Startups on Tuesday.

In order to build an open startup and venture ecosystem for future global unicorns, the government plans to expand the global fund with accumulated assets of KRW 8 trillion to help domestic startups enter overseas markets. , said Yi Yong, Minister of SMEs and Startups.

The ministry will select over 1,000 advanced technology-based startups over the next five years to implement projects that will provide extensive support to help them commercialize their technologies, research and develop them, and enter global markets. . The government also plans to set up more than 200 billion won in funds to invest in digital and biohealth startups and raise technology credit guarantees up to 10 billion won.

In addition, the ministry will run a program to fund private sector funding for deep tech startups focused on digitizing the manufacturing floor. If the private sector invests 1 billion won in advance, the government will offset the investment up to 1.2 billion won. If the private sector invests 2 billion won in advance, the government will invest up to 7 billion won for high-risk, high-performance research and development projects.

Ko Jae-man, Minwoo Kim

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