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Samsung Invests in Venture Capitals in Daegu and Gyeongbuk Region

(SEOUL=NEWSIS) Samsung announced November 4 that it will hold the Samsung Venture Partners’ Day on November 21 and select best startup and venture capitals to promote the creative economy in Daegu and Gyeongbuk region.

The event is organized by Samsung Venture Investment and is related to the Daegu Center for Creative Economy & Innovation to find new venture capitals in the region and provide them with consistent support.

Samsung plans to provide subsidies for investment to startups in internet of things (IoT) & ICT, parts and components & display and others (fashion, contents, etc.), small and mid-sized companies (SMEs) and venture capitals.

The project is for high-tech innovative SMEs and venture capitals that have their headquarters or main offices in Daegu and Gyeongbuk region.

Samsung plans to find startups that have future potentials and invest KRW 10 billion in them over the next five years.

Samsung Venture Investment, established in 1999, has invested KRW 1.2 trillion in 500 venture capitals over the last 15 years. The company succeeded in IPOs and M&As of more than 70 companies in countries including Korea, the United States, Europe and China.

Source Text

Source: Newsis (November. 04, 2014)

** This article was translated from the Korean.