According to Yonhap News,
What’s called ‘local new deal venture fund’ designed to give intensive financial support to local venture startups was crated in Busan city. Korea Venture Investment Corporation (KVIC), Korea Technology Finance Corporation (KIBO) and Busan city signed a partnership MOU for the fund raising on Dec 11.
Ministry of SMEs and Startups (MSS) said it’s the first of its kind nationwide. Once the master funds are raised, KIBO and Busan city are planning to be financed by private investors to secure feeder funds and channel the investments to local startups in need of help.
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Source: Yonhap News (Dec 11, 2020)
** This article was translated from Korean.