Korea Venture Investment Corp., the fund of funds operator, announced on the 23rd that it successfully held an explanatory session for the Busan Future Growth Venture Fund, a fund of funds aimed at fostering regional startups.
The Busan Future Growth Venture Fund is a regional fund of funds established last June in collaboration with Busan Metropolitan City, KDB Industrial Bank, Busan Bank, and others.
Korea Venture Investment held two explanatory sessions, on the 19th in Busan and on the 22nd in Seoul. The sessions focused on the announcement of the investment project plan and introduced relevant details to venture capitalists (VCs), accelerator (AC) investment officers, and others.
The session held earlier in Busan attracted significant interest, with 40 local VCs and ACs participating. The Seoul session was attended by 60 companies, including metropolitan area operators and overseas operators interested in promising Busan venture companies.
There was strong interest in the investment plans by sector. The main sectors for this investment project are ▲Regional League (40 billion KRW) ▲Metropolitan League (50 billion KRW) ▲Global League (10 billion KRW). A total of 100 billion KRW will be invested to create a venture fund worth 258 billion KRW. The Regional League supports only VCs and ACs based in the region. It aims to invest 40 billion KRW to form funds totaling 57.6 billion KRW (6 funds in total).
The proposal submission (online) period is from the 26th of this month to the 2nd of next month. After the first review (document screening and on-site inspection) and the second review (operator proposal presentation), the final operator will be selected in October.
A Korea Venture Investment official stated, “We will do our best to select excellent operators to further activate regional investment.”
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