Creation of 25 Billion KRW Scale for the 6th Sub-Fund of the Land, Infrastructure and Transport Innovation Fund
Investment in Promising Technology Companies such as Smart City and Mobility
The Ministry of Land, Infrastructure and Transport announced on the 7th that it has established the 6th sub-fund of the 'Land, Infrastructure and Transport Innovation Fund' worth 25 billion KRW.
The 6th fund (Earnest Innovation Mobility Investment Association) was created with a total of 25 billion KRW by raising an additional 10 billion KRW in private funds on top of the government's 15 billion KRW investment.
The management company leading the 6th sub-fund was selected as Earnest Ventures through the first document screening and on-site inspection, the second presentation evaluation, and the investment review committee evaluation.
The sub-fund is a venture investment association that actually invests in companies, as opposed to the mother fund that executes government policy funds.
The government plans to discover and focus investments on small and venture companies with innovation and technological capabilities that will lead innovation in promising fields of land, infrastructure, and transport.
Since establishing the Land, Infrastructure and Transport Innovation Fund in 2020, the Ministry of Land, Infrastructure and Transport has formed and operated five sub-funds to date. It has invested a total of 60.5 billion KRW in 48 companies in mobility, smart cities, smart construction, drones, and more.
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Kim Baeseong, Policy Planning Officer at the Ministry of Land, Infrastructure and Transport, said, “Through the Land, Infrastructure and Transport Innovation Fund, we expect to not only advance existing land and transport technologies but also discover and support promising new growth industries. We will manage the fund to create an environment where small and venture companies with excellent technologies in the land and transport sector can grow.”
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