Woori Bank Announces Call for Innovative Startup Investment Target Companies
From the 14th to the 28th of this month
Investment up to 1 billion KRW per selected company
Woori Bank announced on the 14th that it will hold a public recruitment for investment target companies to support the growth of small and medium-sized enterprises.
The recruitment target is small and medium-sized corporations with innovation and growth potential, such as startups. Applications are accepted even if there is no financial transaction with Woori Bank, and documents can be submitted via email (INNO12@wooribank.com) from today until the 28th. Detailed information can be found in the ‘Woori News’ section on Woori Bank’s website.
Woori Bank plans to select about 10 investment target companies by December this year through internal screening stages such as technology and business feasibility evaluations, and invest up to 1 billion KRW in each company through methods such as Redeemable Convertible Preferred Shares (RCPS).
Since June 2018, Woori Bank has been operating a system that directly invests in promising startup companies to secure future new growth engines and fulfill social responsibility. Up to the first half of this year, it has invested approximately 117.6 billion KRW in 99 companies through a total of 11 public recruitments.
Among the invested companies, eight, including ‘Mango Slab’ and ‘Mobiltech’, were selected as ‘Baby Unicorns’ by the Ministry of SMEs and Startups, and five companies such as ‘Teamfresh’ and ‘TheraFin’ were named in Forbes’ ‘2023 Fast Growing Startups’, growing into unicorn companies.
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A Woori Bank official said, “Many venture companies are struggling to attract investment funds during this investment winter, but Woori Bank continues to support the discovery and growth of innovative startups,” adding, “Through direct investment in innovative companies with excellent ideas and technologies, we plan to work together so that they can grow into core companies of future industries.”
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