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Investment News

2021.01.14
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Silicon Valley based incubator partnered with Seoul city to co-invest innovative startups in Korea


According to Yonhap News,


The city of Seoul, the capital city of S.Korea, said on Jan 12 that the US- based investor and startup accelerator, Plug and Play Tech Center (PnP), unveiled its plan to launch operations in Korea by incorporating a separate entity in Seoul city. The incumbent acting mayor of Seoul, Seo Jung-Hyup, announced the opening of a new branch in Seoul after joining a virtual meeting with the CEO of the Silicon Valley startup accelerator, Saeed Amidi at the annual tech show, CES 2021.

PnP, a business innovation platform headquartered in Silicon Valley, California, was early investor in PayPal and Dropbox. They accelerated 250 companies in 2019, claiming to have made USD 30 million investments on average over the past three years.

Seoul city and PnP have already signed a partnership MOU for the new branch a year ago. City said they’ll co-develop and run a startup investment program with the VC in Silicon Valley once they start the service in Seoul in April.


Source Text


Copyrights Yonhap News. All Rights Reserved.
Reprint or redistribution without permission is prohibited.



jk@yna.co.kr

Source: Yonhap News (Jan 12, 2021)


** This article was translated from Korean.
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