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The government said Wednesday that it has established a "Daegu-Gyeongbuk Integrated Regional Growth Fund" worth 130 billion won. This is a regional mother fund that invests in sub-funds focused on local startups, alongside private capital. It is the first time a mother fund has been established with contributions from two or more metropolitan local governments.
Until now, regional mother funds were led by a single Local Government, such as Jeonbuk, Ulsan, and Daejeon, in terms of funding contributions to establish the funds. However, this integrated mother fund is characterized by funding contributions from multiple Local Governments, including Daegu Metropolitan City, North Gyeongsang Province, Gumi City, and Gimcheon City.
Private investors also participated from both the Daegu and Gyeongbuk regions, including iM Bank, IBK Industrial Bank of Korea, NH NongHyup Bank, Hana Bank, Daegu Gyeongbuk Institute of Science and Technology (DGIST), Kyungpook National University, LS PetaSys, Huashin, and Korea OSG.
First Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups stated, "The Daegu-Gyeongbuk Integrated Regional Growth Fund is a new attempt to connect the innovative capabilities of Daegu and Gyeongbuk into one, transcending administrative boundaries."
He added, "In addition to raising the fund, we will build a cooperation system between Ji Yeok (CEO) financial institutional investors and public venture finance institutions to create a sustainable regional venture ecosystem."
The established mother fund plans to raise 200 billion won in venture sub-funds through investment projects within the year. Specific investment areas will be determined by an operating committee consisting of Korea Venture Investment, Daegu City, Gyeongsangbuk-do Province, and others.
In addition, Korea Venture Investment, iM Bank, and the Technology Guarantee Fund signed a memorandum of understanding to build a comprehensive venture finance support system for the Daegyeong region that links investment, financing, and guarantees in the Daegu-Gyeongbuk area.
This cooperation with regional financial institutions is the second such agreement, following one signed last February between Korea Venture Investment, Busan Bank, Gyeongnam Bank, and the Technology Guarantee Fund.
Meanwhile, the Ministry of SMEs and Startups held the establishment ceremony for the Daegu-Gyeongbuk Integrated Regional Growth Fund at EXCO in Daegu on the same day.
The event included the fund establishment ceremony, a memorandum of understanding signing ceremony, research presentations on the startup ecosystem and venture investment status in the Daegyeong region, and an explanation session on fund management direction.
[MoneyToday Startup Media Platform Unicorn Factory]
in FUTURE
