Seoul Food Tech Incubator 'Seoul Meokgeori Startup Center' Surpasses 200 Billion KRW in Cumulative Sales

The Nation's First Seoul City Agri-Food Incubation Center
Starting with 8.5 Billion KRW in the First Year, Surpassing 20 Billion KRW in 2019
Step-by-Step Support Including Business Diagnosis, Scale-Up, and Market Development

The 'Seoul Food Startup Center,' the nation's first foodtech (a combination of food and technology) startup incubation institution, has surpassed a cumulative sales revenue of 200 billion KRW in just 8 years since its establishment. Established by the Seoul Metropolitan Government as the first incubation institution in the agricultural and food sector in Korea, it currently houses 55 resident companies. The center aims to drive the export of Korea's excellent agricultural and food products while creating jobs, positioning itself as a new growth engine for Seoul.

Operated by the Seoul Metropolitan Government under a private consignment model, the center opened in 2016 at Garak Mall in Songpa-gu, Seoul, and relocated near Gangdong Station on Subway Line 5 in 2020. It occupies two floors with a total area of 3,123㎡, providing office space to resident companies and running various commercialization programs.

Inside the 'Seoul Food Startup Center,' the first incubation institution in the agricultural and food sector established in Korea. Provided by Seoul City

After moving to its current location, the capacity for resident companies increased significantly from 45 to 70. This growth is reflected not only in sales but also in investment attraction and employment indicators. In fact, the Seoul Food Startup Center's sales reached 8.5 billion KRW in its first year and have steadily increased each year, surpassing 20 billion KRW since 2019. The reason it has been able to exceed cumulative sales of 200 billion KRW by this year is also attributed to cumulative investment attraction expected to exceed 50 billion KRW.

The center provides tailored support such as product development infrastructure and market expansion for foodtech companies within 7 years of their startup or in the preparatory stage. Unlike previous startup support centers, it offers education for business model establishment, connections with related institutions, mentoring, networking among companies, and post-management after graduation from the center.

In addition to office and collaboration spaces, the center offers various facilities including seminar rooms, meeting rooms, open kitchens, and food R&D labs. Expert mentoring is available in fields such as business planning, investment, marketing, food R&D, patents, taxation, labor, and legal affairs. A representative from the Seoul Food Startup Center added, "We also facilitate connections at investment stages such as crowdfunding, angel investment, VC, and accelerators, and support networking with resident companies as well as external professional institutions, public organizations, and mid-to-large domestic and international corporations."

The support program receiving the most enthusiastic response from resident companies is the 'Basic Business Diagnosis Consulting Program for New Resident Companies.' This program provides consulting in fundamental areas to new resident companies, verifying their business models regarding initial markets and customers. Through this process, the potential for investment attraction is assessed, and market entry strategies are established.

The 'Scale-up Program' is a phased support process designed to enable accelerated growth for promising resident companies with excellent technologies. Approximately 16 companies are selected annually in two sessions, first and second half of the year, and investment attraction briefings are held to secure growth funding and increase investment potential. This process includes detailed support such as dedicated coaching by industry experts (AC/VC) tailored to the company's status.

The center also supports building effective networks with major distributors, food companies, and MD associations. For resident companies launching new products or renewing existing ones to promote sales, the center holds more than three MD invitation product evaluation meetings annually in collaboration with Lotte Home Shopping, Kakao, Interpark, Gmarket, and others. Since its establishment in 2016, the center has supported over 200 companies. Notable companies that have passed through the center include HN Novatech, a developer of alternative meat, Devotion Food, Foodpang, a food ingredient distribution platform for small business owners, and Freshbell, which develops NFC method cold-pressed beverages using domestic agricultural products.

A representative from the Seoul Food Startup Center stated, "We plan to establish more systematic support measures so that Seoul Food Startup Center foodtech startups, representing Korea, can enhance the competitiveness of their products and services. Through this, we aim to elevate Korea's pride and contribute to the universal value of food culture."

'Seoul Food Startup Center' Nurturing and Operation Status. Provided by Seoul City

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