The Drive, a subsidiary of Busan United Technology Holdings that provides the car monthly subscription service ‘Trive,’ was recently newly selected as a Baby Unicorn by the Ministry of SMEs and Startups.
‘Baby Unicorn’ is one of the global unicorn projects promoted by the Ministry of SMEs and Startups since 2020, selecting 200 companies so far.
In this recruitment, 299 startups applied, showing a competition rate of about 6 to 1.
The newly selected Baby Unicorn will receive up to 300 million KRW in new market pioneering funds and will be given preferential treatment when applying for special guarantees (up to 5 billion KRW), policy funds (up to 10 billion KRW), and R&D funds (up to 2 billion KRW), allowing support of up to 17.3 billion KRW.
Starting this year, support has been strengthened to help Baby Unicorns scale up by entering overseas markets, including holding investment roadshows (IR and investment consultations) targeting global venture capitals and leading overseas corporate venture capitals (CVCs), as well as conducting global talent recruitment.
Co-CEO Jeon Min-su said, “We will strive to pioneer the market so that ‘subscription’ can become a new alternative for car usage through flexible usage periods, an attractive vehicle portfolio, and meticulous management services,” adding, “This Baby Unicorn selection will be a great driving force for popularizing car subscriptions and the ‘Trive’ service.”
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
