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Ulsan Establishes KRW 5 Bn. Angel Investment Matching Fund

(ULSAN=NEWSIS) Ulsan City announced April 10 that it will establish an angel investment matching fund that is worth KRW 5 billion to support the startups in the region.

When a startup requests an investment, an angel investor will evaluate the company and support a maximum of KRW 300 million.

The city will sign a business agreement with the Busan-Ulsan Office of the Small and Medium Business Administration, Kyongnam Bank, the Korea Venture Investment Corp. and the Ulsan Economy Promotion Agency to establish the Ulsan Angel Investment Matching Fund.

In accordance with the agreement, each institution will nurture regional angel investors, confirm the eligibility of angel investors and investment target and manage investment companies and regional angel investors.

"The business agreement will nurture regional angel investors to promote angel investment in startups and contribute to creating jobs in the region," said a city official.

Source Text

Source: Newsis (April 10, 2015)

** This article was translated from the Korean.