Reason Kibo Supported Girl Group 'Fifty Fifty' Agency
Expansion of Investment-Linked Guarantees to 500 Billion Won... Support for Growth of Innovative Companies
Active Support Focused on Startups
The Korea Technology Finance Corporation (Chairman Kim Jong-ho, hereinafter referred to as Kibo) announced on the 14th that it will expand its 'Investment-Linked Guarantee' from 350 billion KRW to 500 billion KRW this year and focus support on startups to supplement the weakened investment market by strengthening policy support for the venture capital market.
This expansion of the Investment-Linked Guarantee was prepared to lead the growth momentum of innovative ventures and startups facing difficulties in fundraising by expanding investment-related support in accordance with the Ministry of SMEs and Startups' 'Venture and Startup Funding Support and Competitiveness Enhancement Plan' announced in April.
The Investment-Linked Guarantee is a preferential guarantee provided by Kibo to companies that have attracted investment from venture capitalists (VCs), supporting the insufficient scale-up funds after investment attraction to increase corporate value. In particular, startups with innovative business models but deteriorated financial conditions due to operating losses have found it difficult to obtain direct loans from financial institutions and have received support through Kibo’s Investment-Linked Guarantee.
Recently, Attract, the agency of the girl group 'Fifty Fifty,' which has entered the top ranks of the US Billboard chart's main singles chart 'Hot 100' and is gaining popularity overseas before domestically, also received support from Kibo’s Investment-Linked Guarantee. Attract, established in 2021 by CEO Jeon Hong-jun, is a newly founded company with minimal early financial performance, but the CEO’s over 30 years of experience in record production and idol group development, as well as successful early angel investment attraction, were highly evaluated. Following Kibo’s Investment-Linked Guarantee support, the company’s value has increased, raising expectations for follow-up investments from overseas VCs as well as domestic ones.
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Kim Jong-ho, Chairman of Kibo, said, "Kibo operates various complex financial programs such as Investment-Linked Guarantee and Special Guarantee for Prospective Unicorns to support startups that have attracted investment from VCs with additional funds needed for scale-up until the next investment round." He added, "We will further strengthen support for innovative and venture companies facing difficulties in fundraising due to the recent complex economic crisis."
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