Secured 2 Billion Won Investment Funds... Plans for 4 Billion Won Scale Fund Investment Next Year
[Asia Economy Reporter La Youngcheol] Gangwon Province has launched a fund to support youth startups and help young people settle within the province.
On the 20th, the province announced, "To support 'Gangwon Local Venture Companies,' which started this year, we are forming and operating an investment association with the Gangwon Creative Economy Innovation Center and Sopung Ventures Co., Ltd."
To this end, they plan to raise 2 billion KRW this year under the name of the 'Impact Growth Investment Association' and secure an additional 2 billion KRW in the first half of next year, totaling 4 billion KRW.
The currently secured investment amount is 2 billion KRW, with 1 billion KRW from the province and 1 billion KRW from Sopung Ventures Co., Ltd. and private investors. They plan to complete the registration of the investment association within this year and begin full-scale operation from next year.
The additional 2 billion KRW investment is currently under discussion with 2 to 3 private companies, which are reviewing the investment approval.
The fund operation will see Sopung Ventures Co., Ltd., a professional investment firm, invest at least 2 billion KRW, double the province's contribution (1 billion KRW), focusing on local venture companies within the province.
Until now, funds in the province have mainly been raised for technology-based companies, but this initiative is expected to open investment opportunities for local venture companies that have been relatively neglected in investment.
There are also plans to invest in small and venture companies in smart agriculture, green bio, and other sectors, attracting attention from startup companies in the province's new agro-food industry fields.
From January next year, at least 80% of the investment funds will be invested in companies within two years, with a particular focus on maximizing investments in Gangwon local venture companies and actively discovering outstanding local venture companies.
The province aims to quickly resolve the funding difficulties of local venture companies through the prompt execution of investment funds.
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