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Gwangju to form startup-fund worth KRW 35.5 bn, with a goal of operating 10 by 2025
Gwangju-si will begin to discover and invest in promising start-ups in earnest by using start-up fund.
On November 20, Gwangju-si announced that it has formed "Series A No. 1", the growth ladder fund for startups worth KRW 35.5 billion.
The eighth popularlly elected Gwangju-si government has created seven funds worth KRW 325.9 billion in total so far, with a goal of KRW 500 billion.
Series A No. 1 is the first achievement towards that goal.
Gwangju-si plans to set up 10 funds in accordance with the growth stage of start-up companies and the size of investment per company by 2025 .
It consists of five "seed funds" (KRW 10 billion in total) that invest KRW 100 million-KRW 500 million per company from preliminary and early stage of companies, three Series A funds worth KRW 1 billion - KRW 3 billion for early stage companies (KRW 90 billion in total), and two Series B funds worth KRW 2 billion - KRW 5 billion for leap stage companies (KRW 100 billion in total).
Gwangju-si, Gwangju Techno Park, and T-Investment, a fund management company, also signed an MOU on investment cooperation in start-ups in at Gwangju City Hall.
Gwangju-si is committed to making efforts to find investment target companies by frequently conducting IR presentation and consultation through Gwangju Techno Park.
Meanwhile, T Investment plans to establish its branch in Gwangju by next year to actively invest in local companies.
sangwon700@yna.co.kr
Source Text
** This article was translated from Korean.
Date
2023.11.24
Views
97
According to Yonhap News,
Gwangju-si will begin to discover and invest in promising start-ups in earnest by using start-up fund.
On November 20, Gwangju-si announced that it has formed "Series A No. 1", the growth ladder fund for startups worth KRW 35.5 billion.
The eighth popularlly elected Gwangju-si government has created seven funds worth KRW 325.9 billion in total so far, with a goal of KRW 500 billion.
Series A No. 1 is the first achievement towards that goal.
Gwangju-si plans to set up 10 funds in accordance with the growth stage of start-up companies and the size of investment per company by 2025 .
It consists of five "seed funds" (KRW 10 billion in total) that invest KRW 100 million-KRW 500 million per company from preliminary and early stage of companies, three Series A funds worth KRW 1 billion - KRW 3 billion for early stage companies (KRW 90 billion in total), and two Series B funds worth KRW 2 billion - KRW 5 billion for leap stage companies (KRW 100 billion in total).
Gwangju-si, Gwangju Techno Park, and T-Investment, a fund management company, also signed an MOU on investment cooperation in start-ups in at Gwangju City Hall.
Gwangju-si is committed to making efforts to find investment target companies by frequently conducting IR presentation and consultation through Gwangju Techno Park.
Meanwhile, T Investment plans to establish its branch in Gwangju by next year to actively invest in local companies.
sangwon700@yna.co.kr
Source Text
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Source: Yonhap News (November 20, 2023)
** This article was translated from Korean.