Busan City Hosts 'B-Startup Challenge (Startup Investment Competition)'

June 19 Busan eSports Stadium, Busan Representative Startup Investment Competition Held

For startups within 5 years of establishment... Final 10 teams selected through preliminaries

Busan City will hold the ‘B-Startup Challenge (Startup Investment Competition)’ on June 19 at the Busan eSports Stadium.

This event is jointly hosted by the city, BNK Busan Bank, and Busan Cultural Broadcasting, and is organized by the Busan Economic Promotion Agency and BNK Venture Investment.

Since its inception in 2019, this event is now in its 6th year and has produced a total of 25 award-winning companies, attracting follow-up investments worth 24 billion KRW, making it Busan’s representative startup investment competition.

This competition is the only one among local governments nationwide conducted through equity investment, allowing startups that find it difficult to receive early-stage investments to build a foundation for growth by receiving seed investments worth 300 million KRW and support for linked projects and follow-up investments.

The 2019 grand prize winner ▲‘Mallanghani’ (manufacturer and seller of baby products) has achieved 16 products ranked first in their respective categories on Naver since winning the competition, with annual sales reaching 9.7 billion KRW (as of 2023) and securing follow-up investments of 2.8 billion KRW.

The 2021 special award winner ▲‘Medipresso’ (tea capsules and coffee & tea capsule machines) commercialized the first domestic herbal raw material capsule and high-pressure extraction capsule machine. It achieved annual sales of 400 million KRW (as of 2023) and secured follow-up investments of 7 billion KRW, and was selected for the Ministry of SMEs and Startups’ Post-TIPS program in 2023.

Post-TIPS refers to a program by the Ministry of SMEs and Startups that provides additional commercialization funding to TIPS graduate companies to support their smooth growth.

The 2021 excellence award winner ▲‘Teracle’ (eco-friendly special paving blocks) jointly promoted a plastic waste recycling project with Seven Eleven, achieving annual sales of 2.1 billion KRW (as of 2023) and successfully attracting investments exceeding 10 billion KRW, showing remarkable results since participating in this competition.

Eligibility for the competition is startups within five years of establishment, with no regional restrictions. Interested companies can apply online through the Busan Startup Portal website by April 26.

Ten teams that pass the preliminary screening based on technology and growth potential will be selected through the final competition held on June 19 at the Busan eSports Stadium.

A total of 300 million KRW in equity investment will be made to the winning companies, with investment amounts of 130 million KRW for the grand prize, 80 million KRW for the gold prize, and 50 million KRW for the silver prize, all fully funded by BNK Busan Bank. In addition to investment, various follow-up support and investment attraction opportunities will be provided to participating companies, including ▲Busan Bank’s 'SUM Incubator Program' support ▲linkage with Slush'D and FLY ASIA events ▲Busan City’s technology startup promotion support.

Kim Seong-jo, the city’s Financial Startup Policy Officer, said, “Our city is fostering an environment more favorable for startups than ever by overcoming the capital region-centered investment environment, including leading the creation of a 100 billion KRW ‘Future Growth Venture Fund.’ Through this competition, we will do our best to support early-stage startups nationwide to stay in ‘Startup-Friendly Busan,’ receive investments, and grow.”

For inquiries related to the event, please contact the Startup Support Team at the Busan Economic Promotion Agency.