KAMCO Celebrates 2nd Anniversary of Social Venture Hub Opening... "Resident Companies' Sales and Employment Achievements"

Exterior view of the Social Venture Hub in Gangnam-gu, Seoul. Photo by Korea Asset Management Corporation

[Asia Economy Reporter Song Seung-seop] It has been identified that the sales and employment of companies residing in the Korea Asset Management Corporation (KAMCO) 'Social Venture Hub' have increased.

According to KAMCO on the 4th, the sales of resident companies reached 10.9 billion KRW this year, an increase of 4 billion KRW (57.9%) from 6.9 billion KRW last year. The cumulative sales currently amount to 17.8 billion KRW. In terms of new employment, a total of 218 jobs have been created.

The Social Venture Hub was established by KAMCO in 2019 to foster social venture companies and create a startup ecosystem. It is a support space operated jointly with Seoul Metropolitan Government and others on the 3rd and 4th floors of the 'Narakium Youth Startup Hub,' which was created using national land. Currently, about 12 social venture companies are residing there.

KAMCO has provided customized consulting with social venture support specialized venture capital (VC) and accelerators (AC) to attract investment for social venture companies. It has supported approximately 5.3 billion KRW to about 14 resident companies and 6.3 billion KRW to 17 non-resident companies.

Shin Heung-sik, Acting President of KAMCO, emphasized, "The remarkable achievements of the Social Venture Hub are a meaningful result achieved by young people amid ongoing economic recession and employment market contraction," adding, "We will join forces with related organizations to expand growth bases for the successful innovative startups of young people."