Gangwon and Jeonbuk Establish 'Regional Innovation Venture Fund'... "Vital to Revitalize Local Investment"

Korea Venture Investment-Water Resources Corporation-Jeonbuk-Gangwon Join Hands
MOU Signed to Establish a Sub-Fund Worth 84 Billion KRW

Korea Venture Investment announced on the 22nd that it will establish the ‘Jeonbuk-Gangwon Regional Innovation Venture Fund’ together with Korea Water Resources Corporation, Jeollabuk-do, and Gangwon-do.

An agreement of business cooperation (MOU) was signed the day before to invest a total of 58.8 billion KRW, including 29.4 billion KRW from the mother fund, 15.9 billion KRW from the Water Resources Corporation, and 13.5 billion KRW from local governments over three years, to form a sub-fund with a total scale of 84 billion KRW. The venture fund formation ceremony was attended by major limited partners (LPs) as well as fund managers such as Anda Asia Ventures and Sopung Ventures. This is to establish a foundation for revitalizing the regional venture ecosystem.

On the 21st, the 'Jeonbuk·Gangwon Regional Innovation Venture Fund Formation Ceremony' was held at the Korea Water Resources Corporation headquarters. (From left) Hansangyeop, CEO of Sopung Ventures; Yoon Seokdae, President of Korea Water Resources Corporation; Jeong Gwangyeol, Deputy Governor for Economy of Gangwon; Kim Jonghun, Deputy Governor for Economy of Jeonbuk; Yoo Woonghwan, CEO of Korea Venture Investment; Jo Yongjun, CEO of Anda Asia. [Photo by Korea Venture Investment]

The main investment targets of the venture fund are innovative companies in Jeonbuk and Gangwon, water industry companies, and companies related to regulatory free zones.

Woo-hwan Yoo, CEO of Korea Venture Investment, said, “With the proportion of venture investment in the metropolitan area still exceeding 70%, the role of the regional innovation venture fund to invigorate regional investment is more important than ever. We will do our utmost to successfully operate the Jeonbuk-Gangwon Regional Innovation Venture Fund with the know-how accumulated through various mother fund management experiences.”

Korea Venture Investment has so far formed regional innovation venture funds totaling about 315 billion KRW in Busan, Chungcheong, Daegu, Jeju, and Gwangju. The goal is to raise 410 billion KRW in mother funds and 600 billion KRW in sub-funds by next year.

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