Attracting $300 Million Investment in Korean Startups... 'K-Innovation Day'

Global Investment Attraction Event Held in Singapore
$270 Million Global Fund Established
Over $1 Billion Additional Joint Global Fund to Be Raised by 2027

The Ministry of SMEs and Startups is forming a global fund with three investment firms and aims to attract over $300 million (approximately 400 billion KRW) in investments for Korean startups by 2027.

On the 26th, the Ministry of SMEs and Startups held a global investment attraction event, "K-Innovation Day in Singapore," at the Conrad Singapore Orchard Hotel in Singapore.

Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering the opening address at the first part of the 'K-Innovation Day in Singapore' event held on the 26th at Conrad Singapore Orchard. Photo by Ministry of SMEs and Startups

On this day, Minister Oh Young-joo of the Ministry of SMEs and Startups announced the formation of a $270 million (378 billion KRW) global fund through "K-Innovation Day in Singapore." Of this, more than $16.7 million (23 billion KRW) is scheduled to be mandatorily invested in Korean companies. Through this fund, domestic startups are expected to actively expand into the ASEAN market by attracting investments.

The event was attended by 80 major Singapore-based investment firms, including Singapore sovereign wealth fund investors Pavilion Capital, Vertex, and OCBC, as well as global companies such as Thales, Oracle, and Dassault Syst?mes. A total of over 300 participants attended, including 52 Korean startups, demonstrating strong interest in the global expansion of Korean startups.

The Ministry plans to expand the ASEAN regional global fund by more than $1 billion by 2027 compared to the current level and attract over $300 million in investments for Korean startups to support the global expansion of domestic ventures and startups.

At "K-Innovation Day in Singapore," Singapore-based global investment firms signed investment contracts worth $4 million with three domestic startups. The investment agreements included Singapore investment firm CENTO investing $1 million (1.4 billion KRW) in Crepas Solution, Malaysian investment firm RHL investing $2.2 million (3 billion KRW) in Permit, and Singapore investment firm Altara deciding to invest $740,000 (1 billion KRW) in Hyper Lounge, followed by an investment signing ceremony.

With this investment, the startups that received funding are expected to actively expand into Singapore and the ASEAN region, and the investment firms are anticipated to show increased interest and consider investing in more domestic startups.

At the event, global companies participating in the Ministry’s flagship public-private partnership startup support project, the "Global Corporate Collaboration Program," also signed a memorandum of understanding (MOU) with the Korea Institute of Startup & Entrepreneurship Development. Thales, a global leader in defense, aerospace, and cybersecurity, will newly join the "Global Corporate Collaboration Program" starting next year based on this MOU. Amazon Web Services and Dassault Syst?mes plan to actively support Korean startups participating in the "Jungle" and "Daonda" programs of the "Global Corporate Collaboration Program" in their entry into the Asian market.

Additionally, Lee Dae-hee, Director-General of Policy at the Ministry of SMEs and Startups, along with global companies such as Oracle and Thales and domestic startups, participated as panelists in a panel talk on global open innovation, sharing their views. Following this, at the "K-Startup Meetup," 37 promising K-startups, including resident companies of "KSC Singapore," hoping to enter the Singapore market, held one-on-one meetings with local investors and experts.

Minister Oh stated, "The Ministry of SMEs and Startups will lead the way in global open innovation based on cooperation with global companies in Singapore while forming a global fund of over $1 billion in the ASEAN region by 2027 so that K-startups can grow as leaders in the global market. We will expand the entry of our ventures and startups into ASEAN."