Lotte Accelerator Changes Name to 'Lotte Ventures' and Strengthens VC Role
[Asia Economy Reporter Jo In-kyung] Lotte Accelerator, a corporate venture capital (CVC) responsible for startup investments within Lotte Group, is changing its name to Lotte Ventures.
According to Lotte Group on the 24th, Lotte Accelerator passed a proposal to change its name to Lotte Ventures at the shareholders' meeting held on the 21st.
Lotte Accelerator was launched in 2015 after Lotte Group Chairman Shin Dong-bin ordered the creation of a startup incubation company. In February 2016, Lotte Group established Lotte Accelerator with a capital of 15 billion KRW, and Chairman Shin personally contributed about 5 billion KRW.
After registering as a new technology business finance specialized company in 2017, it has been fostering startups by combining accelerator operations and direct investments.
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After changing its name to Lotte Ventures, it plans to strengthen its venture capital (VC) functions and create specialized funds for promising industries to make bold investments.
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