IBK, 16 Venture Capitals Sign Agreement for Investment and Financing of Innovative Companies
Introduction of US Silicon Valley-Style Venture Loans... Strengthening Support for Innovative Startup Growth
[Asia Economy Reporter Park Sun-mi]IBK Industrial Bank announced on the 22nd that it signed a "Business Agreement to Strengthen Combined Financial Support for Investment and Loans to Innovative Startups" together with 16 venture capital firms at the IBK Changgong Guro Center located in Guro, Seoul.
Through this agreement, IBK Industrial Bank plans to provide venture debt, modeled after the Silicon Valley Bank style, to companies recommended by venture capital firms. Additionally, it will jointly discover innovative startups with venture capital firms and offer investment and non-financial services.
Silicon Valley Bank-style venture debt is a method of providing loans to startups that have received investments from institutional investors such as venture capitalists. For venture companies, this has the advantage of securing operating funds before follow-up investments are made.
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An IBK Industrial Bank official stated, "We will build a domestic combined financial ecosystem for investment and loans using advanced investment and lending methods."
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