Ansan City to Establish 40 Billion Won Youth Startup Fund

Business Agreement Signed with Shinhan Venture Investment
Investing in Local Youth Venture Companies

Ansan City in Gyeonggi Province is establishing a youth startup fund worth 40 billion won to invest in local youth venture companies.

At the signing ceremony for the establishment of the Ansan Youth Startup Fund No. 3, Lee Mingeun, Mayor of Ansan (left), and Park Seonbae, CEO of Shinhan Venture Investment, are holding up the agreement. Provided by Ansan City

On December 9, Ansan City announced that it had signed a business agreement with Shinhan Venture Investment to establish the "Ansan Youth Startup Fund No. 3." This agreement aims to build a cooperative framework with Shinhan Venture Investment, which has been selected as the fund manager for the creation of the fund.

The fund will be established at a scale of 40 billion won and will invest in youth startups, ventures, and small and medium-sized enterprises with potential for growth. Eligible recipients are companies based in Ansan where the representative is 39 years old or younger, or where at least 50% of executives and employees are 39 years old or younger. Previously, the city formed the first and second youth startup funds and invested 4.5 billion won in three local companies.

Shinhan Venture Investment has been selected in the artificial intelligence (AI) large-scale category of the Korea Fund of Funds. The breakdown of contributions by investor is as follows: Korea Fund of Funds, 20 billion won; Ansan City, 2 billion won; investment management company, 6 billion won; and private investment, 12 billion won.

The city is required to invest 5.2 billion won, which is 260% of its 2 billion won contribution. The fund will be operated for a total of eight years, with a four-year investment period and a four-year recovery period, until 2033.

Lee Mingeun, Mayor of Ansan, said, "We hope the fund manager will actively invest and provide ongoing support so that youth companies in Ansan can grow into innovative enterprises with global competitiveness."

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