According to Newsis,
KOTRA held an investment consultation event between Saudi Arabia's state-owned energy company Aramco's venture capital (VC) and South Korean startups, creating opportunities for attracting Middle Eastern capital and market expansion.
On June 25, KOTRA announced that it hosted a "Startup Matching Day" on June 24 at its headquarters in Yeomgok-dong, Seoul, inviting Aramco's VC 'Wa’ed Ventures,' in collaboration with the Korea Credit Guarantee Fund (KODIT).
Wa’ed Ventures is a USD 500 million (approximately KRW 680 billion) venture capital fund established by Aramco in 2013 to support the growth of startups. Its focus areas include artificial intelligence (AI), the Internet of Things (IoT), e-commerce, fintech, cloud, and health tech, and it provides up to USD 20 million (approximately KRW 27 billion) per investment.
In particular, last year, Wa’ed Ventures showed significant interest in South Korean startups by investing approximately KRW 20 billion in the domestic AI semiconductor startup 'Rebellions.'
Aramco offers a four-stage venture lifecycle program to support Saudi Arabia's technological innovation and economic diversification, with Wade Ventures responsible for supporting early-stage growth.
This event featured 10 technology-based startups selected by KOTRA and the KODIT, including those in AI and biotechnology. These startups held one-on-one investment consultations and IR pitches with Wa’ed Ventures.
Kim Tae-hyeong, Commissioner of Invest KOREA of KOTRA, stated, "We will continue to strengthen our comprehensive support to help domestic tech startups attract growth capital and expand into global markets."
parkhj@newsis.com
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Source: Newsis (June 25, 2024)
** This article was translated from Korean.