'First Local Government Mo Fund' Incheon Big Wave Mo Fund... Early Achievement of 600 Billion KRW Goal in 3 Years

Incheon City’s Incheon Big Wave Mo Fund, which aimed to raise 600 billion KRW, was achieved ahead of schedule in just three years.

The city announced on the 19th that it held a performance report meeting for the Incheon Big Wave Mo Fund at Paradise City on the 15th. The event was attended by associations and organizations in the Incheon area, universities, mid-sized and small enterprises, related institutions involved in raising the Incheon Big Wave Mo Fund, as well as investment firms that formed funds through the Mo Fund’s capital contributions.

The meeting included reports on the achievements and performance over the past three years, presentations of cases from companies that received investments from the Incheon Big Wave Mo Fund, and a special event celebrating the early achievement of the 600 billion KRW target.

On the 15th, the Incheon Big Wave Mo Fund performance report meeting was held at Paradise City. 2023.12.15 [Photo by Incheon City]

The Incheon Big Wave Mo Fund is a fund-of-funds that invests in funds rather than individual companies, and it is the first local government-led Mo Fund introduced nationwide by Incheon City. Starting in 2021, with a budget of 60 billion KRW from Incheon City over four years, it aimed to raise over 600 billion KRW. As of this year, it has contributed 22.5 billion KRW to 21 sub-funds, raising a total of 611.4 billion KRW, achieving the target ahead of schedule in just three years.

Additionally, approximately 63.3 billion KRW of initial investment capital was secured, and 22.4 billion KRW was invested in companies in the Incheon area. Along with this, interest from private investment firms, which had been concentrated in Seoul and Gyeonggi, expanded to Incheon, resulting in visible outcomes such as an increase in local specialized investment firms, including two venture capital firms and eight startup incubators since the project’s launch.

An official from Incheon City stated, "As the first Mo Fund project led by a local government, many difficulties were expected, but through collaboration with associations, organizations, universities, and mid-sized and small enterprises in Incheon, we were able to achieve the 600 billion KRW target ahead of schedule in just three years. Moving forward, we plan to expand the scale to 1 trillion KRW by additionally raising sub-funds in future industry sectors."

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