Listening to On-site Opinions to Expand Support for Kibo and Venture Investment Ecosystem
On-site Meeting with the Ministry of SMEs and Startups
Exploring Directions for Improving Support Systems
The Korea Technology Finance Corporation (KOTEC) announced that it held a briefing session and on-site meeting on the 25th at the FKI Tower in Seoul with the Ministry of SMEs and Startups to expand support for the venture investment ecosystem.
This meeting was organized to directly listen to the field opinions of the venture investment industry together with the Ministry of SMEs and Startups and KOTEC, aiming to activate venture investment and scale-up support and to explore directions for improving support systems.
KOTEC introduced investment resource support systems for venture investment companies, including the 'VC Venture Fund Special Guarantee,' targeting venture capital (VC) firms and startup planners, as well as various investment-linked guarantee products offered by KOTEC. Additionally, they exchanged on-site opinions regarding KOTEC’s fund contribution support system for management companies and focused discussions on institutional improvement plans to expand venture investment support.
To support small and medium-sized venture investment firms facing difficulties in fundraising during the venture investment winter, KOTEC introduced the VC Venture Fund Special Guarantee in 2021, providing up to 5 billion KRW for fund managers’ contributions necessary for fund formation. So far, the total support scale through the VC Venture Fund Special Guarantee has reached 596.3 billion KRW.
KOTEC plans to continuously promote institutional improvements to stimulate venture investment by reflecting the field opinions raised during the meeting and will continue to support the swift formation of funds by venture investment companies.
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Kim Jong-ho, Chairman of KOTEC, stated, "We will actively contribute to revitalizing the venture investment ecosystem through efficient system operation, such as improving the product quality and accessibility of the VC Venture Fund Special Guarantee by reflecting the opinions proposed at this meeting to the fullest extent."
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