[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province announced on the 4th that it has established an investment fund worth 100.3 billion KRW to successfully promote the 8th term election pledges, including innovative growth of local excellent companies, attraction of outstanding companies, and revitalization of the startup and venture ecosystem.
Based on the operational performance of the Bucheon Venture Fund, which was first established in August 2020, the city promoted a second round of 3 billion KRW investment projects over two years this year, and on the 19th, two management companies, We Ventures and Daesung Startup Investment, completed the formation of an investment association worth a total of 100.3 billion KRW.
The local investment companies (3 companies) of the first Bucheon Venture Fund have shown operational results such as 118% sales growth and creation of 186 jobs over the past three years.
In particular, in July, Super Makers Co., Ltd., located in Bucheon-dong, opened the second Central Kitchen factory with the largest production capacity in Korea, which is considered a representative success case of the first Bucheon Venture Fund investment company.
Various institutions, including the Bucheon Industrial Promotion Agency, Korea Fund of Funds, financial institutions, and public institutions, participated in the investment of the newly formed investment association, which will operate for eight years until 2030, and it is expected that more than 6 billion KRW will be invested in Bucheon City companies.
Meanwhile, following the successful completion of the second fund formation, on the 29th of last month, Bucheon Mayor Jo Yong-ik, We Ventures CEO Ha Tae-hoon, and Daesung Startup Investment CEO Park Geun-jin discussed various measures to create a Bucheon venture ecosystem, including successful fund management plans and startup revitalization.
At the meeting, Mayor Jo said, "The investment fund formed this time is expected to serve as a catalyst for Bucheon City's industrial innovation, such as attracting companies to the industrial sites to be created in the future," and added, "Please cooperate so that promising companies can be discovered and actively invested in to grow into unicorn companies leading Bucheon City's economy."
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