Riding the Hallyu Boom... 430 Billion Won Raised for the Ministry of Culture, Sports and Tourism's Mothership Fund Project

Korea Venture Investment Announces Cultural Account Selection Results
Woonghwan Yoo "Meeting Diverse Demands... Diversifying Investment Areas"

Results of the 1st Regular Investment Project Selection for the Mother Fund (Cultural Account)

The government is forming a sub-fund worth 430 billion KRW through the cultural account of the Korea Venture Fund under the Ministry of Culture, Sports and Tourism, focusing on K-content IP and other areas.

Korea Venture Investment, the fund manager of the Korea Venture Fund under the Ministry of SMEs and Startups, announced on the 1st that it has selected a total of 14 investment partnerships (funds) in the first regular investment project of the 2023 Korea Venture Fund (cultural account). The Korea Venture Fund, created with government budget, refers to a fund of funds that invests in other funds.

The target size for the formation of the sub-fund is a total of 426.2 billion KRW, including 215 billion KRW from the Korea Venture Fund. The venture capitalists (VCs) who will establish the 14 selected funds must raise the sub-fund capital within the next three months.

A total of 50 funds applied for approximately 787.5 billion KRW in investment in the Korea Venture Fund cultural account investment project.

The K-content IP sector, which showed the highest competition rate, saw a final selection of 5 funds. Through 90 billion KRW of Korea Venture Fund investment, a sub-fund worth 175 billion KRW is expected to be formed.

Additionally, 2 funds in the K-culture M&A sector are expected to form 74.5 billion KRW, 2 funds in the K-unicorn sector will form 60 billion KRW, and 3 funds in the K-general culture sector will form 70 billion KRW.

Woo-ung Hwan, CEO of Korea Venture Investment, stated, "This cultural account investment project was a carefully designed project that diversified investment areas to meet the diverse capital demands of the market."

He added, "As the influence of K-content continues to grow worldwide, the Korea Venture Fund will do its best to support this."

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