Bigbang Angels Surpasses 130 Investments, Expands Global Reach in 2023
Reading Time: 2 minutesSouth Korea’s investment firm, Bigbang Angels, announced on the 1st that it invested a total of KRW 4.1 billion in 2023, surpassing the cumulative total of 130 companies invested in. Its assets under management amount to KRW 20.1 billion, with 780 companies having undergone acceleration.
Bigbang Angels has executed investments in 15 startups across various fields such as alternative proteins, healthcare, gaming, biotech, commerce, and B2B SaaS, with an average investment of KRW 270 million. The firm also expanded its investment stages by executing follow-on investments in three startups. In 2023, Bigbang Angels added one exit case by successfully divesting from the cybersecurity specialist Quad Miners, achieving a return multiple of more than 27 times the initial investment.
The firm recommended a total of 7 companies to the TIPS program, a private investment-led technology startup support program by the Korean Ministry of SMEs and Startups, and successfully completed their selection. In the general TIPS category, 5 companies were selected in fields such as biotech, gaming, and alternative proteins. Notably, in the newly established specialized TIPS (Deep Tech) track, two companies were approved, each securing KRW 1.5 billion in R&D funds, totaling KRW 5.5 billion in R&D funds secured by these 7 companies.
As a cross-border accelerator, Bigbang Angels has invested in Koralo, a German producer of vegan alternative seafood products, supporting its smooth entry into Korea and Asia. Koralo produces fish substitute products based on its proprietary microalgae fermentation technology, with Bigbang Angels actively supporting its growth, including the sourcing of manufacturing plants.
The firm is also facilitating the relocation of the U.S. headquarters (flip) of MEDIHERE, which provides smart medical clinic services in the USA. MEDIHERE serves clients including the Samsung Group’s U.S. corporation and the Solomon Insurance Group. Bigbang Angels is providing various supports, including consulting based on its experience as a cross-border accelerator, for the relocation of MEDIHERE’s U.S. headquarters and local investments.
Furthermore, through the overseas proof of concept (PoC) support program by the Korea Institute of Startup & Entrepreneurship Development (KISED), Bigbang Angels completed 37 global PoCs with 15 companies in 14 countries. The firm is also actively supporting joint ventures (JVs) with local companies in the Middle East, Southeast Asia, and North America. Companies such as Firmmit, a smart farm solution company; GSIL, a smart safety specialist; and MTEG, a medical video data platform, are in the process of establishing global joint ventures.
Ji Hyun-chul, CEO of Bigbang Angels, stated, “In 2024, we plan to further expand our capacity as a cross-border accelerator to create tangible results and significantly increase our recommendations and selections for TIPS.”
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