Kamco Social Venture Hub Resident Companies Achieve Cumulative Sales of 8.8 Billion Won Despite COVID-19 Challenges

Exterior view of Narakeum Youth Startup Hub (former KTV building) located in Yeoksam-dong, Gangnam-gu, Seoul [Photo by Korea Asset Management Corporation]

[Asia Economy Reporter Song Seung-seop] Korea Asset Management Corporation (KAMCO) announced on the 9th that companies residing in the Social Venture Hub supported by KAMCO achieved a cumulative sales revenue of 8.89 billion KRW last year.

The Social Venture Hub is a social venture base space established by KAMCO in collaboration with Seoul Metropolitan Government and Korea Student Aid Foundation since October 2019 at the Narakeum Youth Startup Hub (formerly KTV building) in Yeoksam-dong, Gangnam-gu. It houses 14 social ventures, including 5 in the assistive technology (Able Tech) sector and 4 in the environmental problem-solving sector.

According to KAMCO, these companies saw a 67.7% increase in sales over one year, reaching a total cumulative sales amount of 8.89 billion KRW. The average number of employees per company over one year was 8.1, totaling 113 employees, and the amount of investment attracted was 7.89 billion KRW.

This level exceeds the average indicators for venture companies. According to the Ministry of SMEs and Startups’ ‘2020 Venture Company Detailed Survey Results,’ the average job creation for venture companies was 1.8 persons, sales decreased by 0.5%, and the investment attraction rate was 5%.

Moon Sung-yoo, President of Korea Asset Management Corporation, said, “Companies settled in the Social Venture Hub showed remarkable growth amid COVID-19,” and added, “We will continue to make steady efforts to foster an innovative startup ecosystem and create jobs for youth.”

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