CJ Acquires 100% Stake in Timewise Investment
New Investment of 400 Billion KRW Over 5 Years
[Asia Economy Reporter Eunmo Koo] CJ is establishing a corporate venture capital (CVC) to actively promote the startup ecosystem and discover new growth engines.
CJ Corporation, the holding company of CJ Group, announced on the 5th that it acquired 100% of the shares of Timewise Investment from C&I Leisure Industry for 22.1 billion KRW to establish a corporate venture capital (CVC). CJ plans to change the company name to ‘CJ Investment’ to establish its identity as an official affiliate of the group and a CVC, and to become a specialized investment company contributing to the expansion of the startup ecosystem.
Through CJ Investment, CJ revealed plans to newly invest 400 billion KRW over the next five years, expanding startup investments to discover new growth engines centered on four future growth engines: Culture, Platform, Wellness, and Sustainability.
Since announcing its future innovation growth strategy through the mid-term vision last November, CJ has been actively expanding equity investments and collaborations with promising startups. Recently, it made a strategic investment including business cooperation in the global fandom business startup ‘Be My Friends’ and has been leading investments in bio healthcare funds, exploring new businesses and synergies.
CJ will also expand its accelerating function to proactively discover and invest in early-stage startups with potential and support their growth. Currently, it operates open innovation programs such as ‘O!VentUs,’ which discovers promising ventures and startups, helps strengthen their business capabilities, and promotes joint commercialization. CJ plans to further strengthen this by combining it with CJ Investment’s excellent startup discovery capabilities.
A CJ official said, “We have officially launched the group CVC to respond swiftly to industry trends and more effectively discover new business models and innovative technologies. CJ Investment will play a key role in leading group business model innovation while becoming a top-tier venture capital by discovering and nurturing promising startups early and establishing a virtuous investment cycle.”
Meanwhile, Timewise Investment was established in 2000 under the name Dream Discovery and changed its name to CJ Venture Investment in 2003 and Timewise Investment in 2014, expanding investments in promising startups across various fields such as food, bio, IT, and cultural contents. It was sold to C&I Leisure Industry following the Fair Trade Act in 2011, which prohibited general holding companies from owning financial subsidiaries, but with the amendment of the Fair Trade Act at the end of last year allowing CVC ownership, it has been relaunched as an official affiliate of CJ Group.
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