Gyeongbuk Province and POSCO Launch 200 Billion Won Venture Fund: "We Will Support Promising Innovative Companies"

Fund Launch Ceremony Held in Pohang
Nine Sub-Funds to Be Created Over Two Years

On October 22, North Gyeongsang Province held the launch ceremony for the 'Gyeongbuk-POSCO Innovation Growth Venture Fund' at Pohang Change Up Ground and officially began its operations.

This event was organized in response to the selection of the 'Gyeongbuk-POSCO Innovation Growth Venture Fund' as a recipient of the Ministry of SMEs and Startups' Mother Fund investment project. It was held in conjunction with POSCO's 'Regional-Based Venture Innovation Model Proclamation Ceremony.'

Gyeongbuk Provincial Government Office

Over 100 participants attended the launch ceremony, including Lee Cheolwoo, Governor of North Gyeongsang Province; Han Seongsook, Minister of SMEs and Startups; Lee Jutae, CEO of POSCO Holdings; the mayors of Pohang, Gyeongju, Gumi, and Gyeongsan; and Lee Daehee, CEO of Korea Venture Investment.

Attendees participated in the fund formation ceremony and also joined the launch ceremony for POSCO Group's 'CHANGE UP' brand, reaffirming their commitment to cooperation for regional innovation and growth.

The newly established fund will receive 60 billion won from the Ministry of SMEs and Startups' Mother Fund as seed capital. North Gyeongsang Province, the cities of Pohang, Gyeongju, Gumi, and Gyeongsan, POSCO Holdings, and NH Nonghyup are participating as investors, creating a large-scale mother fund totaling 101.1 billion won.

From 2025, four sub-funds will be created, followed by five more in 2026, for a total of nine sub-funds exceeding 200 billion won in scale. These funds are expected to drive innovation and growth in regional industries by investing in promising venture companies in key local industries and advanced strategic sectors.

North Gyeongsang Province aims to create the 'Gyeongbuk G-Star Fund' worth 1 trillion won from 2024 to 2034. Once the sub-funds of the Gyeongbuk-POSCO Innovation Growth Venture Fund are established, a total of more than 374.6 billion won will be raised, achieving 37% of the target. The Gyeongbuk G-Star Fund is dedicated to investing in innovative venture company clusters in Pohang, Gumi, Gyeongsan, and other areas within North Gyeongsang Province.

Governor Lee Cheolwoo stated, "The formation of this large-scale fund will serve as a significant milestone in revitalizing the venture ecosystem in North Gyeongsang Province. Based on close cooperation with the Ministry of SMEs and Startups, POSCO, and local cities and counties, we will focus all our efforts on discovering promising innovative companies in the region and supporting their scaling up."

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