Gyeonggawon Establishes 22 Billion KRW Venture Investment Fund for SMEs

Gyeonggi-do Economic Science Promotion Agency

A fund worth 22 billion KRW investing in small and medium venture companies located in Gyeonggi-do has been launched.

Gyeonggi-do and the Gyeonggi-do Economic Science Promotion Agency announced on the 12th that they have established the 22 billion KRW 'Wonik 2023 Materials, Parts, and Equipment Startup Gyeonggi G-Fund' and will begin actively discovering companies and making investments.

The fund was created with 5 billion KRW contributed by Gyeonggi-do and 17 billion KRW from private capital. The main investment targets of the fund are companies within Gyeonggi-do, especially those established within the last 7 years.

The fund management period is until October 2031, and the fund will be managed by 'Wonik Investment Partners.'

The fund management company plans to invest at least 200% of Gyeonggi-do’s contribution amount into companies within the province. This is expected to contribute to the growth of local companies and the creation of jobs.

Additionally, various programs and linked support measures to aid the growth of startup companies are also under consideration.

Kang Seong-cheon, head of the Gyeonggi-do Economic Science Promotion Agency, emphasized, "Startups in Gyeonggi-do are currently facing difficulties in securing funds due to the economic downturn and high interest rates. We will support the growth of startups by continuously establishing startup funds to resolve these issues."

Gyeonggi-do and the agency are in the process of creating a 50 billion KRW 'Startup Fund No. 2' using an additional budget of 12.5 billion KRW. They plan to complete the fund formation within this year and provide more opportunities to startups in the region.

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