Hwaseong City Expands Startup Investment Fund from 68.7 Billion to 230.7 Billion Won

Expanding Investment Support for Promising Startups and Ventures
Mayor Jeong Myeonggeun: "Active Support for Stable Growth of Companies"

Hwaseong City in Gyeonggi Province has more than tripled the size of its startup investment fund, which invests in startups and venture companies to foster strategic industries.

On December 30, Hwaseong City announced that it has expanded the 'Hwaseong Special City Startup Investment Fund' from the previous 68.7 billion won to 230.7 billion won to nurture promising local small, venture, and startup companies.

This fund is designed to support the growth of startups and venture companies struggling with early-stage financing and to revitalize investment in local industries. It is created through the city's own investment, public funds, and private capital.

The first and second funds were launched in December 2022 with a total size of 68.7 billion won, and are currently being operated with a primary focus on investing in small and venture companies within seven years of establishment.

This month, the launch of the third and fourth startup investment funds, totaling 162 billion won, has expanded the overall investment size to 230.7 billion won. In this process, the mandatory investment amount within the city has also increased by more than 10.1 billion won.

The third fund, which invests in future mobility companies, was established on December 26 and is operated with a total of 40 billion won, including 1.8 billion won from the city. This fund will invest more than 4.7 billion won in local companies, with at least 2.4 billion won earmarked for local future mobility and related artificial intelligence (AI) companies.

The fourth fund, which invests in semiconductors, was established on December 29. It is operated with a total of 122 billion won, including 1.8 billion won from the city. The mandatory investment amount for Hwaseong-based companies is 5.4 billion won, with at least 2.7 billion won to be invested in semiconductor and related AI companies.

The city plans to establish the fifth and sixth funds by March next year, increasing the total fund size to 300 billion won. Through this, Hwaseong aims to foster strategic industries such as semiconductors, future mobility, and biotechnology, thereby driving the development of local industries.

Jeong Myeonggeun, Mayor of Hwaseong City, stated, "The city's startup investment fund will serve as a foundation for promising local companies to grow stably," adding, "We will actively support the fund to ensure it is managed transparently and stably according to the planned direction."

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