Tech Startup Lineup Assembled to Expand into Global Markets

'TIPS' Success Model Expands to Global Arena
Final Selection of Global TIPS Participating Companies
Up to 600 Million KRW Funding for Overseas Expansion Over 3 Years for 20 Companies

The lineup of South Korea's tech startups expanding into the global market has been established.

The Ministry of SMEs and Startups announced on the 9th that it has finalized the selection of 20 startups participating in the ‘Global TIPS’ program, which supports overseas expansion funds of up to 600 million KRW for startups that have received investments of over $200,000 from overseas venture capital (VC) firms to aid promising technology startups in entering foreign markets.

TIPS is a system where operators selected by the Ministry of SMEs and Startups utilize private sector expertise and capabilities to select startups, and the government provides linked support such as technology development (R&D) and startup commercialization funds. To date, more than 2,700 startups supported by TIPS have attracted follow-up investments totaling approximately 13 trillion KRW.

Established this year, ‘Global TIPS’ was designed to extend the strengths of TIPS?combining private pre-investment and government-linked support?into the global arena. Moving beyond domestic-centered overseas support, it directly supports overseas expansion such as the establishment of foreign subsidiaries by promising technology startups. Additionally, it strategically supports local market entry by leveraging the investment and accelerating capabilities of local VCs, and through the participation of excellent overseas VCs, it aims to induce a virtuous cycle startup ecosystem both domestically and internationally.

The recruitment for Global TIPS startups saw high interest and competition, with a total of 118 companies applying. The Ministry of SMEs and Startups comprehensively evaluated plans and feasibility for global market entry, follow-up funding strategies, and company capabilities to select the final 20 startups. Among them, 12 startups received investments from global funds funded by the Korea Fund of Funds.

The selected companies are ▲Gore Robotics ▲D&C Biotechnology ▲Ditonic ▲Ready Robust Machine ▲Rebellion ▲MajorMap ▲MassPresso ▲Glorang ▲Doctor Now ▲Visual ▲AdShield ▲Across B ▲QuadMiner ▲TechTaka ▲Flox ▲Ellis ▲QMIT ▲CreateRip ▲Jiro ▲PortLogics, among others. The Ministry will provide up to 600 million KRW in overseas expansion funds to the selected companies and offer specialized global expansion services composed of pre-entry preparation, scale-up, and partnership linkage for each country through professional organizations with overseas networks and expertise. Going forward, the Ministry plans to comprehensively support promising technology startups’ global expansion by linking Global TIPS selected companies with global funds.

Lim Jung-wook, Director of the Startup Venture Innovation Office at the Ministry of SMEs and Startups, said, “The Global TIPS program will be a great opportunity for promising technology startups to strengthen their overseas expansion capabilities and successfully enter the global market,” adding, “With systematic support from overseas VCs and professional organizations, as well as active global networking and local subsidiary operations, we hope these companies will grow into leaders in the global market.”