MSS has chosen 50 baby unicorns and 15 preliminary unicorns that will grow into global unicorn companies
Reading Time: 2 minutesThe Korean Ministry of SMEs and Startups (MSS) announced on Thursday, June 27, the selection of 50 promising baby unicorns and 15 high-potential preliminary unicorns to develop into global unicorn companies.
Since the initiation of the Global Unicorn Project in 2019, 250 baby unicorns and 111 preliminary unicorns have been chosen. This year, 199 and 107 companies applied for the baby unicorn nurturing program and the preliminary unicorn special guarantee, showing competition ratios of approximately 4:1 and 7:1, respectively.
<Baby & Preliminary Unicorn Overview>
▪ Baby Unicorn Overview (from 2020)
– (Project objective) To discover baby unicorns verified for their innovation and growth and develop them into preliminary unicorns with global competitiveness.
– (Eligibility for apply) Startups founded within seven years, with either an investment of KRW 2 billion to KRW 10 billion or a company valuation of over KRW 30 billion.
– (Details of support) Subsidy of KRW 300 million (market research, marketing, etc.), a special guarantee of KRW 5 billion (Korea Technology Finance Corp.), global IR consulting (public-private collaboration), etc.
▪ Preliminary Unicorn Overview (From 2019)
– (Project objective) To support the scaling up of financing for innovative companies that meet market validation, growth potential, and innovation criteria to facilitate their development into unicorns.
– (Eligibility for apply) Companies with an investment exceeding KRW 5 billion (KRW 3 billion for regional “STAR” companies) or a company valuation exceeding KRW 100 billion that demonstrate growth and innovation among unlisted companies.
– (Details of support) Special guarantee of KRW 20 billion (guarantee fund), M&A funding support, global consulting (public-private collaboration), overseas expansion support, etc.
In 2024, baby unicorns will receive funding up to KRW 300 million and a new special guarantee of up to KRW 5 billion from the Korea Technology Finance Corporation (KOTEC) for market development. Preliminary unicorns will receive a special guarantee up to KRW 20 billion, with an additional 30% for top performers in the final evaluation to accelerate global expansion.
The MSS will provide strategic support for global market entry, partnering with private consulting firms for tailored growth support and enhancing IR assistance with domestic and international venture capital.
In 2024, the average investment raised by baby unicorns is KRW 6.04 billion, with an average revenue of KRW 3.55 billion. For preliminary unicorns, the average investment raised is KRW 38 billion, with an average revenue of KRW 20.9 billion. These figures indicate that the promising companies recognized for their technological expertise and enterprise value were selected.
Noteworthy startups include FriendliAI, which offers a low-cost, cloud-based platform for custom language model training, and Dot, which specializes in tactile display technology for the visually impaired, showing strong export performance and recognition at global conferences.
Minister OH Youngju stated, “In spite of difficult economic conditions, the Global Unicorn Project has consistently expanded its accomplishments, with numerous baby and preliminary unicorns achieving success in IPOs and attaining unicorn status,” she said. “In the future, we will continue to enhance policy support to nurture global unicorns that lead the world market.”
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