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Gyeonggi Province and GCA Launches KRW 60 Billoin Fund to Boost Local Content

2024-05-15 2 min read


Gyeonggi Province and GCA Launches KRW 60 Billoin Fund to Boost Local Content

Reading Time: 2 minutes

Gyeonggi Province and the Gyeonggi Content Agency (GCA) in Korea announced on the 14th that they have launched the ‘2024 Gyeonggi Province Content Entrepreneurship Opportunity Fund (NEXEED 5·6)’, a fund valued at approximately KRW 60 billion, aimed at supporting the local content industry and creating jobs. The initiative includes two specific funds: ‘NEXEED No. 5’, focusing on content IP, and ‘NEXEED No. 6’, targeting new content technologies. Both Gyeonggi Province and GCA have each contributed KRW 3 billion, with the private sector adding over KRW 27 billion to each fund, culminating in KRW 30 billion per fund and creating a combined total of around KRW 60 billion.

Gyeonggi Province explained that this fund, developed in collaboration with domestic private investors, is designed to foster a K-culture growth ecosystem and strengthen the foundation for attracting investment into content startups. Additionally, the fund is expected to generate various synergistic effects by integrating with existing support programs like the ‘Level Up’ program, an investment attraction support initiative of GCA. 

The province plans to select investment project managers by the 29th of this month, finalize selections in June, and begin substantial investments in July.

Kim Gwi-ok, head of the Gyeonggi Province Content Industry Department, stated, “Through proactive investments in promising content companies, we aim to increase corporate survival rates and establish a sustainable growth environment.” She further noted, “Gyeonggi Province will provide a steady supply of policy funds specialized for the content sector, actively work to rejuvenate investment sentiment which has been weakened by the recession, and offer new opportunities through financial support to content companies in Gyeonggi Province.”

[Korean Contents Startup News]

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