Startup Fund Targeting Foreign Investors
On August 29, the Korea Development Bank (KDB) concluded an agreement in Dajeon with the Korea Institute for Advancement of Technology (KIAT) and Hanwha Investment & Securities to form “New Industry Investment Promotion Funds for Foreigners.” The funding is a follow-up of the memorandum of understanding (MOU) that KDB and KOTRA signed on the 4th to serve the same purpose.
The KDB and the KIAT invest 10 billion won (US$9 million) each, while Hanwha group affiliates, including Hanwha Investment & Securities that will be in charge of the fund management, invest 30 billion won (US$27 million).
The target investors of the fund are innovative venture SMEs in the new industry field, and the policy fund will take a preemptive role as priming water in the promotion of foreign investment including that from foreign venture capitalists.
The KDB will include the companies, which participate in KDB’s venture investment platform KDB Next Round, in the investment target list and use it to activate the platform and locate investment targets. .