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Daejeon city to raise a KRW1 trn worth of New Deal Fund for local VC startups

According to Yonhap News,

Starting with KRW200 billion worth of initial seed capital, the city of Daejeon raises what’s called “New Deal Funds”, equivalent, in value, to KRW1 trillion by the end of 2025, the city authorities said on Feb 4. The funds will go to VC startups and early stage entrepreneurs involved in new growth engines such as data, network, artificial intelligence, bio-healthcare and the future mobility etc.

By amending relevant ordinance and legislative system to be enforced, the city will help pool capital resources for fund raising. The authorities also come up with a reinvestment plan, allowing investors to reinvest their gains and principal derived from the fund operation into additional portfolio.

A city official said “We’ll make an all-out effort to make the fund add new jobs, help entrepreneurs create a virtuous cycle, in which young firms lead innovation, which in turn drives new investment and job creation.”

Source Text

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Source: Yonhap News (Feb 4, 2021)

** This article was translated from Korean.