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26 local VC firms to become new members of KRW 100 billion club

According to Yonhap News,

Busan Regional Small & Medium Business Administration (BRSMBA) unveiled a statistical analysis on Mar 5 which tells the number of locally based venture startup firms who reached KRW 100 billion in sales proved to be 26 as of 2019. Sungwoo Hitech, whose sales figure in 2019 hit KRW 1.218 trillion, ranked eighth in sales volume among 617 VC startups nationwide. The report said, companies who’ve become the new member of KRW 100 billion club in 2019 are Panasia, Felix Tech and TCE, which have successfully shown innovation-driven growth.

Panasia which has developed its own distinct ballast water treatment technologies, was recognized as one of the world’s top players in the automated production line.

A steel maker, Felix Tech, has steadily grown over the past five years, being nominated as 2018 World Class 300.

TCE, producing denim fabric over the past 60 years, has grown into a global giant, setting its manufacturing facility in Vietnam. Via its own business model, vertical manufacturing, they’ve successfully taken control over the entire production stages from raw material processing to distribution of finished goods.

A ballast water treatment system maker, Techross, headquartered in Seoul but running its production facility in Busan city has also become a new member of KRW 100 billion club, reaching KRW 182 billion in sales.

Source Text

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Source: Yonhap News (Mar 5, 2021)

** This article was translated from Korean.