Seoul City Provides Close Support for Market Kurly's $150 Million Foreign Investment Attraction

Invest Seoul Center Provides Legal and Financial Support
Achieves Largest Startup Attraction This Year

[Asia Economy Reporter Jo In-kyung] The Seoul Metropolitan Government announced on the 22nd that the grocery shopping app 'Market Kurly' has successfully secured an investment of $150 million (approximately 200 billion KRW) from global investment institutions despite the unprecedented investment cliff crisis caused by the novel coronavirus disease (COVID-19).

This is the largest amount of investment raised by a domestic startup this year.

Notably, most of the investment was directly received from global investment institutions such as DST Global, Hillhouse Capital, Sequoia Capital China, Fuse Venture Partners, Translink Capital, and Aspex Management, significantly contributing to attracting foreign investment to Seoul.

The successful investment attraction process of Market Kurly was actively supported by the 'Invest Seoul Center,' a foreign investment promotion organization launched by the Seoul Metropolitan Government in February this year. The Invest Seoul Center provided legal services such as foreign-invested company registration changes to facilitate Market Kurly's increased investment attraction and offered comprehensive financial services including investment fund reporting for foreign investors through cooperation with foreign exchange banks.

The Seoul Metropolitan Government explained that startups, small and medium enterprises, and venture companies headquartered or operating in Seoul can receive customized foreign investment attraction support from the Invest Seoul Center, as in the case of Market Kurly. They can also participate in various programs supported by the Invest Seoul Center, such as business meetings with potential foreign investors through participation in leading overseas industry exhibitions.

Currently, the Seoul Metropolitan Government and the Invest Seoul Center have selected 15 promising bio small and medium enterprises located in Seoul and are providing multifaceted support for their investment attraction, including support for participation in 'BIO USA,' which was held online due to COVID-19.

Shin Jong-woo, Director of Economic and Job Planning at the Seoul Metropolitan Government, said, "We will continue to provide close support to companies in various ways so that more startups, small and medium enterprises, and venture companies in Seoul can successfully attract foreign investment and open an era of 'Startup Renaissance,' where innovative startups grow into prospective unicorns."

This content was produced with the assistance of AI translation services.