The Small and Medium Business Administration (SMBA) and Korea Venture Investment signed a memorandum of understanding (MOU) with France-based venture capital firm Idinvest Partners on December 13 to create a joint fund worth 120 billion won (US$102.83 million).
Idinvest Partners, Europe’s leading venture capital firm established as an affiliate of global corporation Allianz, has been invested in more than 3,500 small and mid-size firms through direct investment and fund until now. The newly creating Korea-Europe venture fund will be the first fund investing in domestic small and mid-size and venture companies by France’s venture capital. It will be co-funded by Korea’s Fund of Funds, European Development Fund and Peugeot Group.
Idinvest Partners CEO Christophe Bavière said, “With the new fund to be created, we will support global growth of innovative startups in Korea and Europe. We hope to create jobs and promote economic growth in Korea and Europe through the partnership.”
In this regard, Joo Young-sup, administrator of the SMBA, said, “As the era of technology innovation-based fourth industrial revolution is rapidly coming to a close, a company has to push into global markets to survive. When we seek out excellent domestic companies and systematically help them to enter the global market through the joint fund, it will be only a matter of time to foster global star companies.”
Meanwhile, foreign capital invested 315.7 billion won (US$270.52 million) in 104 domestic venture firms as of the end of November.