LG Household & Health Care to Foster Beauty Tech Startups... "Establishes 2.2 Billion KRW Investment Fund"

Establishment of Infobank and Venture Investment Association

LG Household & Health Care announced on the 8th that it has established a venture investment association with Infobank to nurture capable startups in the beauty tech sector.

On the same day, LG Household & Health Care held a 'Business Agreement Ceremony for the Formation of a Beauty Tech Fund and Strengthening Cooperation' at LG Science Park in Gangseo-gu, Seoul, and formed the venture investment association. The fund size is a total of 2.2 billion KRW. LG Household & Health Care is the main investor, and 'iExcel,' the investment business division of Infobank, will manage the fund.

Kang Naegyu, CTO of LG Household & Health Care (right in the photo), and Hong Jongcheol, CEO of iExcel, signed a business agreement on the 8th at LG Science Park in Gangseo-gu, Seoul, to establish a beauty tech fund and strengthen cooperation, founding the "LG Household & Health Care-Infobank Value-Up Venture Investment Association." Provided by LG Household & Health Care.

iExcel is a company that discovers and invests in unicorn companies (unlisted startups valued at over 1 billion USD). It focuses on investing intensively in technology innovation startups in various fields such as artificial intelligence (AI), bio, healthcare, and K-Beauty. It is expected to reach total assets under management (AUM) of 110 billion KRW next month.

The venture investment association plans to prioritize selecting and investing in startups with high business impact and technological completeness in the beauty tech and healthcare sectors. Through this, LG Household & Health Care aims to strengthen the competitiveness of its core businesses and create new business opportunities to actively respond to global trend changes.

Kang Nae-kyu, CTO (Chief Technology Officer) of LG Household & Health Care, stated, “We will expand collaboration and support growth with startups that have innovative ideas in the beauty tech and healthcare fields. Through this, we will secure future new growth engines and seek investment opportunities for sustainable growth.”

Hong Jong-cheol, CEO of iExcel, said, “Based on our expertise and know-how in discovering and nurturing startups, we will mobilize all our capabilities for the successful operation of the beauty tech venture investment association fund.”

Meanwhile, the venture investment association is part of LG Household & Health Care’s multifaceted efforts to nurture and cooperate with beauty startups. Last September, it invested 5 billion KRW in the K-Beauty startup investment fund ‘Mark-SolidOne Beauty Intelligence Fund No. 1.’

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