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Daejeon to Set Up KRW 13 Bln Fund for Nurturing Business Ventures

According to Yonhap News,

(DAEJEON=Yonhap News) A KRW 13 billion fund is being created in Daejeon to nurture local SMEs (small and medium enterprises) and business ventures.

At the Daejeon Center for Creative Economy & Innovation (CCEI) on December 21, Daejeon Metropolitan City held a general meeting on the establishment of the Daejeon 4th Industrial Revolution Investment Association.

The fund will be created by investments of KRW 5 billion from the city government, KRW 7 billion from the fund of funds, and KRW 1 billion from the fund manager Daedeok Venture Partners.

The investment association plans to invest about KRW 1 billion per company in 10 companies for the next 8 years.

Kim Gi-hwan, head of the city's corporate support division, said the investment association will help the SMEs and business venture create a financing ecosystem for each stage of growth.

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Source Text

Source: Yonhap News (Dec. 21, 2017)

** This article was translated from the Korean.