Incheon City, Startup and Venture Company Investment... 1 Trillion Won Fund to Be Established by 2024

100 Billion KRW Investment This Year, 1 Trillion KRW 'Incheon Innovation MoFund' Established
Secured 84 Billion KRW Investment Budget to Encourage Private Mid-sized Company Contributions

Incheon City Hall

[Asia Economy Reporter Park Hyesook] Incheon City plans to establish a fund worth a total of 1 trillion KRW by 2024 to promote investment in startups and venture companies.

According to Incheon City on the 26th, the plan is to invest 60 billion KRW in the 'Incheon Innovation Mo Fund' by 2024 to create a fund worth 600 billion KRW.

Along with this, an additional 24 billion KRW will be invested in the existing 'Incheon Growth Fund' and 'Startup Ecosystem Creation Fund' to establish a fund worth 400 billion KRW.

The city plans to activate the local investment ecosystem by creating a total fund of 1 trillion KRW and provide tailored full-cycle support for startups and venture companies?from technology development, commercialization, marketing to global expansion?through corporate support organizations such as Incheon Technopark.

Since 2014, Incheon City has continuously invested local government budgets to create funds supporting venture startup companies to lead venture investment. As a result, the number of accelerators has expanded to nine, and venture capital investment in the Incheon area is also on the rise, the city explained.

This year, the city plans to directly invest 10 billion KRW and induce investments from private mid-sized companies to establish a 100 billion KRW Incheon Innovation Mo Fund.

The Incheon Innovation Mo Fund is a fund that invests in individual funds (investment associations) rather than directly investing in companies, and its fund sectors include early-stage startups, shared services, startup support, innovative growth, and scale-up.

The city recently signed a business agreement on fund operation with the Incheon Creative Economy Innovation Center Foundation, the fund management agency.

Accordingly, as the first project, the city decided to invest 1 billion KRW in the 'Shared Services Fund' and has begun recruiting general partners (professional managers). The Shared Services Fund plans to invest in startup companies engaged in service industries related to housing, accommodation, transportation, and other sectors based on the sharing economy.

An official from Incheon City stated, "With the goal of leading job creation and economic growth in innovative industries in Incheon, which was a venture investment barren land concentrated in Seoul and Gyeonggi, we plan to establish a fund worth a total of 1 trillion KRW. By proactively securing fund investment budgets and inducing private sector participation, the city will create a vibrant local investment ecosystem as a catalyst by securing stable investment resources."

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