Up to 500 Million KRW Support for Outstanding Agrifood Startups to Aid Commercialization

Ministry of Agriculture, Food and Rural Affairs Announces Recruitment for 'Private Investment-Based Scale-Up Support Project' Participants
Targeting 15 Venture and Startup Companies

The government has decided to support rapid growth by providing up to 500 million KRW in commercialization funds to outstanding startups in the agricultural and food sectors.

The Ministry of Agriculture, Food and Rural Affairs announced on the 6th that it will recruit venture and startup companies wishing to participate in the "2024 Private Investment-Based Scale-Up Support Project" until the 11th of next month.

This project is newly introduced this year to support the rapid growth of startups in the agricultural and food sectors that have succeeded in commercialization with excellent technology and innovative ideas. It provides up to 500 million KRW in commercialization funds to outstanding companies recommended and invested in by the private sector.

An official from the Ministry of Agriculture, Food and Rural Affairs explained, "We have selected about 370 companies annually to support commercialization of excellent technologies through funding, investment attraction, and market development. However, based on field feedback that securing funds after startup is difficult and limits further growth, this project was newly established."

The eligible participants are venture and startup companies in the agricultural and food sectors that have attracted investments of 100 million KRW or more within the last two years from private investors (such as startup incubators and venture capital firms) and have been recommended by them. The Ministry plans to select about 15 outstanding companies in April this year through document and presentation evaluations.

Commercialization funds will be provided on a 1:1 matching basis with private investment funds. The scale of funding support is determined according to the size of private investment. Companies can receive up to 500 million KRW in commercialization funds, and various follow-up supports such as investment consulting, investor relations (IR), and a dedicated pavilion at the agricultural and food startup expo will be provided through the Korea Agricultural Technology Promotion Agency.

Lee Sang-man, Director of Agricultural and Food Innovation Policy at the Ministry of Agriculture, Food and Rural Affairs, said, "This is a great opportunity for capable outstanding companies to grow, and we hope that companies will emerge through this project to become giant new enterprises (unicorn companies) in the agricultural and food sector."

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