Fundraising for 50 Billion Won Private Space Startup Fund Kicks Off
Ministry of Science and ICT to Announce Operator Selection Contest in Early Next Month
The Ministry of Science and ICT has officially begun establishing a fund worth 50 billion KRW to foster private space startups.
On the 7th, the Ministry announced that it will recruit fund managers for the "New Space Investment Support Project" through the second regular public offering of the Mother Fund conducted by Korea Venture Investment from the 3rd to the 7th of next month. This project is the Ministry's first attempt this year to create a dedicated fund by the government investing in a space sector Mother Fund to support private space startups.
The Ministry of Science and ICT explained, "With the success of Nuriho and Danuri, public interest in space is higher than ever, and the government is strengthening support to open the era of the space economy." It added, "Recently, President Yoon Seok-yeol also promised full support for space startups." The dedicated fund being established this time is expected to be the first signal and a solid catalyst for the space economy era.
This year, 5 billion KRW will be invested in the Mother Fund to create a total fund of 10 billion KRW. Through continuous investments over five years until 2027, a fund exceeding 50 billion KRW will be established to activate private investment.
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The primary investment targets are broadly set to include not only launch vehicles and satellites but all companies related to the space industry. Unlike existing Mother Funds, the main investment ratio is set at 60%, higher than the government’s investment ratio, to better fulfill the purpose of nurturing space industry-related companies. Considering the characteristics of the space sector, which requires long-term technology development, the investment period is set at five years, with a recovery period of five years. Various incentives, including additional management fees, will be provided to fund managers who achieve the investment target rate through prompt investment execution.
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