Changwon Special City Initiates Expansion of Tech Startup Investment Ecosystem

Signing of Agreement for Establishment and Operation of 'C-Bluewing Fund'

Changwon Special City in Gyeongnam signed a mutual cooperation agreement for the establishment and smooth operation of the C-Bluewing Fund No. 2, the 'Next-Generation Regional New Deal & Bio Fund.'

[Asia Economy Yeongnam Reporting Headquarters, Reporter Song Jong-gu] Changwon Special City in Gyeongnam is expanding its technology startup investment ecosystem.

On the 1st at 10 a.m., officials from Gyeongnam Venture Investment, Changwon City, and Changwon Industry Promotion Agency gathered at the city hall reception room to sign a mutual cooperation agreement for the establishment and smooth operation of the C-Bluewing Fund No. 2, the ‘Next-Generation Regional New Deal & Bio Fund.’

The ‘C-Bluewing Fund’ is a compound word combining ‘C,’ the first letter of Changwon’s English name, ‘Blue,’ symbolizing Changwon’s youth and vitality, and ‘Wing,’ representing wings. It is a unique fund name of Changwon Special City, reflecting the mayor’s pledge to create a 100 billion KRW fund for scaling up startups, aiming to give wings to Changwon’s industry and bring vitality.

Through this agreement, Gyeongnam Venture Investment, the fund manager, will invest at least 3 times the city’s contribution of 1 billion KRW, i.e., 3 billion KRW or more, into promising technology startup companies with headquarters, branches, research institutes, or factories located in the Changwon area. The Changwon Industry Promotion Agency will discover and nurture promising technology startups within Changwon to revitalize technology startups. To this end, the city will invest in the ‘Regional New Deal & Bio Investment Association’ fund account under the Ministry of SMEs and Startups’ government mother fund investment project and provide administrative and financial support for corporate growth.

This fund, totaling 20 billion KRW, is established with participation from the fund manager Gyeongnam Venture Investment, the special partner Dongnam Region New Deal Venture Fund, and six limited partners. The city plans to invest a total of 1 billion KRW over three years starting November this year to attract startup investments until 2030.

Deputy Mayor Ahn Kyung-won said, “We will continuously establish a stable and efficient ‘C-Bluewing Fund’ utilizing the government mother fund and city resources to support the growth of promising technology startups in the region and expand Changwon Special City’s technology startup investment ecosystem through a virtuous cycle of investment-growth-exit-reinvestment.”