President Yoon: Which VCs Are Included in the 'Middle East Economic Delegation'?

Including Krit Ventures, Inlight Ventures, SparkLabs Partners, Big Bang Ventures
Com2uS-affiliated Krit Ventures mainly invests in content, platforms, and games

President Yoon Suk-yeol, who is on a state visit to Saudi Arabia, is applauding at the Korea-Saudi Investment Forum held at the Fairmont Hotel in Riyadh on the 22nd (local time).
[Image source=Yonhap News]

During the 4-night, 6-day state visits to Saudi Arabia and Qatar, domestic venture capital (VC) firms accompanying President Yoon Suk-yeol on his Middle East tour are drawing significant attention from the investment industry.

According to the Korea Economic Association (KEA), among the 139 companies participating in the economic delegation accompanying President Yoon from the 21st, the VCs included Krit Ventures, Inlight Ventures, SparkLabs Partners, and Big Bang Ventures. This delegation was formed from companies that applied through recruitment announcements by KEA and the Korea Chamber of Commerce and Industry. Selection was based on a comprehensive evaluation of the companies’ business prospects, trade and investment performance with Saudi Arabia and Qatar, and potential for cooperation in key industrial sectors.

Krit Ventures is a VC affiliated with Com2uS, established in 2020. CEO Song Jae-jun of Com2uS contributed most of the capital. Over the past three years, it has received investments from the Korea Fund of Funds, Korea Growth Investment Corporation, Korea Development Bank, IBK Industrial Bank of Korea, and Com2uS, managing four funds. During this period, it has deployed over 145 billion KRW in investments, with total assets under management (AUM) of approximately 224 billion KRW. It has mainly invested in content, platforms, and gaming sectors.

Inlight Ventures, based in Daegu and founded in 2017, is a VC specializing in technology startups. It has primarily operated funds focusing on regional companies. Its cumulative AUM is about 350 billion KRW. Key portfolio companies include ANPOLI, an eco-friendly new materials producer; Seaweed and Pangse, cultured meat producers; Injin, a renewable energy developer; and EnergyX, an energy-efficient building platform.

SparkLabs Partners is a subsidiary created by SparkLabs, considered Korea’s first-generation accelerator (AC), to expand into the VC domain. Established in 2012, SparkLabs has invested in over 270 outstanding startups such as Ballan, WantedLab, H2O Hospitality, Nthing, and SparkPlus. SparkLabs’ AUM is 155 billion KRW, and the total valuation of its portfolio companies is estimated at 6.7 trillion KRW. In 2021, SparkLabs registered SparkLabs Partners as a venture capital company and increased its capital to 2 billion KRW. SparkLabs Partners will not participate in the Qatar schedule during this Middle East tour.

Big Bang Ventures was established last year with a capital of approximately 2.1 billion KRW. It mainly invests in artificial intelligence (AI), bio, content, and gaming sectors. Currently, it manages 18 funds. As a cross-border VC operating domestically and internationally in Canada, the United States, and Singapore, it invests to support the growth of local startup companies.

With the ongoing investment downturn in Korea, the investment industry is closely watching whether this Middle East tour can serve as a new breakthrough for VCs. The economic cooperation atmosphere with Saudi Arabia and Qatar is heating up. Accordingly, the delegation is tailored to the Middle East, covering sectors such as construction and infrastructure, smart cities, agriculture, clean energy, defense, automotive, advanced manufacturing, ICT, and bio. They plan to attend various events including the Korea-Saudi investment forum and MOU signing ceremony hosted by KEA and the Saudi Ministry of Investment, the Korea-Qatar business forum and MOU signing ceremony hosted by the Korea Chamber of Commerce and Industry, and trade consultations organized by the Korea Trade-Investment Promotion Agency (KOTRA).

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