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Incheon CCEI Secures KRW 15 Billion from City of Incheon for BiiG WAVE Mother Fund Project

2024-02-22 2 min read


Incheon CCEI Secures KRW 15 Billion from City of Incheon for BiiG WAVE Mother Fund Project

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The Incheon Creative Economy Innovation Center (Incheon CCEI) announced on the 22nd that it has received KRW 15 billion in funding from the City of Incheon to support the ‘Incheon BiiG WAVE Mother Fund’ project.

This initiative, a collaboration between the City of Incheon and Incheon CCEI, seeks to stimulate the local investment ecosystem and foster promising venture startups. The strategy involves creating a fund by matching the Korea Fund of Funds and private investments with contributions from the City of Incheon.

Incheon was the first municipal government in the nation to establish a mother fund in 2021, pledging KRW 60 billion over four years to target a fund size of KRW 600 billion. This objective was surpassed ahead of time last year when, with a total of KRW 260 billion from Incheon, the fund size reached approximately KRW 660 billion.

For this year, the aim is to invest in over six sub-funds through the BiiG WAVE Mother Fund, with a target of creating funds exceeding KRW 150 billion. Investments will primarily focus on key industries of Incheon, such as biotechnology, aviation, and materials, parts, and equipment.

Since its inception in 2021, the BiiG WAVE Mother Fund has supported investments in 35 Incheon-based companies, with a total investment of approximately KRW 35.5 billion. This sum only includes investments made by consortia funded by Incheon City, suggesting that the total investment in Incheon companies could be significantly higher when including co-investments.

The concerted efforts of Incheon City and Incheon CCEI have significantly heightened investor interest in the region. The number of investment firms in Incheon has increased from 8 in 2020 to 18 in 2023, an addition of 10 firms. Moreover, the trend of venture capitals establishing branches in Incheon suggests an optimistic outlook for more vibrant investment activities in local businesses.

Lee Han-seop, director of Incheon CCEI, expressed, “In collaboration with Incheon City, we will lead the investment ecosystem in the region by encouraging active participation from the private sector in our flagship funding projects.”

Furthermore, Incheon CCEI has also contributed to the economic vitality of the Incheon region by securing follow-on investments totaling KRW 129.1 billion for 32 companies through ‘BiiG WAVE,’ a unique quarterly IR event hosted by Incheon City.

[Korean Venture Capital News]

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