All Government Startup News in Korea (Korean Startup News)

KRW 910 billion (USD 685 million) will be invested in a Fund of Funds in Q1 2024

2024-02-07 < 1 min read

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KRW 910 billion (USD 685 million) will be invested in a Fund of Funds in Q1 2024

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On January 31, the Ministry of SMEs and Startups of Korea (MSS), led by Minister OH Youngju, held a meeting at the Kensington Hotel in Yeouido, Seoul, with VC firms to discuss investment in a Fund of Funds for 2024.

Vice Minister OH Keewoong chaired the meeting to solicit opinions from VC firms ahead of the first-round investment in a Fund of Funds, scheduled for February 5.

The meeting saw attendance from representatives of various VC firms, including Chairman YOON Gunsoo of the Korea Venture Capital Association and Chairman SHIN Jino of the Korea Accelerator Association. Attendees ranged from large venture capital firms with assets over KRW 500 billion to emerging venture capital firms with assets under KRW 100 billion.

Vice Minister OH Keewoong expressed,  “During these challenging investment conditions, it is necessary to take a more proactive approach to revitalizing domestic VC investment and accelerating recovery.”

He further mentioned,  “The Ministry of SMEs and Startups is planning to double the investment in a Fund of Funds from the initial budget of KRW 454 billion to KRW 910 billion in 2024. The full-scale investment of KRW 910 billion for the early recovery of venture capital investment will take place in Q1 2024. Additionally, the Ministry plans to make the system more market-friendly. This includes restructuring the Rookie League and optimizing the commission for fund management.”

[Korean Startup Policy News]


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