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SOPOONG VENTURES Invests in 29 Startups with KRW 14.1 Billion Fund Last Year

2024-03-30 2 min read


SOPOONG VENTURES Invests in 29 Startups with KRW 14.1 Billion Fund Last Year

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SOPOONG VENTURES, a venture capital firm in Korea, announced that its newly formed fund for 2023 totals KRW 14.1 billion, adding 29 companies to its portfolio. The firm focused its investments primarily on climate tech (45%) and SaaS (40%). It strategically divided its investments between local (non-capital regions) at 29% and global ventures at 28%. Throughout the year, SOPOONG supported 14 companies under the TIPS program, including 12 general and 2 deep-tech companies. The firm’s assets under management (AUM) saw a year-over-year increase of 52.2%, surpassing KRW 40 billion, with the portfolio’s follow-on investment multiple reaching about 21 times.

SOPOONG VENTURES runs a unique ‘Climate Tech Network Program’ aimed at fostering the climate tech ecosystem. In 2023, it hosted six seminars with over 1,600 participants, and in October, it organized the ‘2023 Climate Tech Startup Summit’ in Jeju, which gathered around 100 experts and opinion leaders in climate tech.

As an impact investor focusing on companies pursuing the UN SDGs, about 36% of SOPOONG’s portfolio is dedicated to climate tech. The firm concentrates on sectors with high greenhouse gas emissions and potential for innovation, such as energy, circular economy, and agri-food. Through its climate tech portfolio, SOPOONG has achieved a cumulative carbon reduction of 776,000 tons of CO2.

Starting this year, SOPOONG intends to broaden its investment scope from early-stage startups to Series A, while also pursuing more aggressive global investments. Having secured its venture capital (VC) qualifications earlier this year, SOPOONG is well-prepared for expansion. Following the successful launch of the ‘Climate No. 1’ fund in 2022, a KRW 10 billion initiative focusing on early-stage climate tech, it recently launched the ‘Climate No. 2’ fund, marking the completion of its investment execution in approximately two years.

Han Sang Yeop, representative of SOPOONG VENTURES, said, “The climate crisis is a global challenge that necessitates a paradigm shift in our economy and industrial structures for the survival and sustainable development of humanity. The year 2030 marks a critical juncture towards carbon neutrality, and we anticipate a surge in climate tech technology and business innovation opportunities in the next five years. Leveraging our proactive investment experience and expertise in the climate tech sector, we plan to undertake larger investments and expand globally as a VC starting this year.”

[2023년 돌아보기(lookback 2023)]

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