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According to Yonhap News,

Innovative startups based in Jeju, Daegu, and Gwangju will receive investment from venture funds created by Jeju-do and others.

According to Jeju Special Self-Governing Province, Jeju-do and others signed an MOU on with four selected investment companies that operate feeder funds (funds that invest in companies) of "Regional Innovation Venture Funds in Daegu, Jeju, and Gwangju."

Feder fund managers include NEXTG Investment, Daedeok Venture Partners & SK Securities, Simbon Investment Partners, and JCH Investment & Triangle Partners.

The Daegu, Jeju, and Gwangju Regional Innovation Venture Fund will be fromed in the scale of KRW 90.3 billion, including KRW 6 billion in investment in Jeju-do over the next three years (2022-2024), in addition to joint investments from the Korea Fund of Funds, Daegu-si, Gwangju-si, K-Water, and Korea Venture Investment Corporation.

On top of that, if Korea Venture Investment Corporation, the manager of the master fund, receives an additional KRW 37.49 billion in private funds, the total amount will reach KRW 127.8 billion.

Investments will be focused on innovative companies located in Jeju, Daegu, and Gwangju, SMEs and startups in the regulation-free special zone, and water industry companies.

More than 20 new industry companies participated in the MOU signing ceremony, including "Deogam," "Big Uncle Company," "Zerocis," "Green Base," "Adeep," and "Aeonus," which were selected for market-leading start-up programs.

Prior to MOU signing, there were one-on-one investment consultations between participating startups and local innovation venture fund operators.

koss@yna.co.kr

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Source: Yonhap News (December 11, 2023)