Kyobo Life Insurance and Securities Form 200 Billion KRW New Technology Investment Fund to "Discover Startups"
Kyobo Life Insurance announced that it will establish the 'Kyobo New Technology Investment Association Fund No. 1' with Kyobo Securities. On the 30th, at the 'Kyobo New Technology Investment Association Fund No. 1' formation general meeting held at Kyobo Life Insurance headquarters in Gwanghwamun, Kyobo Life Insurance CEO Jeon Jeong-beom (left in the photo) and Kyobo Securities CEO Lee Seok-gi are taking a commemorative photo. Photo by Jeon Jeong-beom
View original image[Asia Economy Reporter Oh Hyung-gil] Kyobo Life Insurance announced on the 30th that it will form the 'Kyobo New Technology Investment Fund No. 1' together with Kyobo Securities.
This is the first case of promoting a 'Corporate Venture Capital (CVC)' aligned with Kyobo Group's digital transformation. The total investment scale is 200 billion KRW, with the limited partner (LP) Kyobo Life Insurance investing 175 billion KRW and the general partner (GP) Kyobo Securities investing 25 billion KRW. The fund will be managed over the next eight years to discover and invest in promising startups and provide support.
Kyobo Life Insurance has been preparing for digital innovation through various methods such as InnoStage, open innovation, in-house venture operations, and VC investments. It expects to strengthen core business competitiveness, secure new growth engines, and increase corporate value through investment, support, and collaboration with outstanding startups.
To establish this CVC fund, Kyobo Securities completed the registration process for new technology business finance with the Financial Supervisory Service in August. The overall management will be led by Shin Hee-jin, director of the VC Business Division at Kyobo Securities, a venture capital investment expert who has worked at Woori Global Asset Management and Hana Alternative Investment Asset Management.
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Kyobo Life Insurance CEO Pyeon Jeong-beom said, "The formation of the Kyobo CVC fund will be a new milestone for the digital innovation of Kyobo Life Insurance and its affiliates," adding, "We will strive to build Kyobo Group's digital ecosystem by discovering good startups, investing in them, and supporting smooth collaboration."
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