A major local venture capital (VC) firm in Singapore highly evaluated the investment value of Korean startups.
On the 26th, the Ministry of SMEs and Startups held a meeting for investment connections between Korean startups and Singaporean VCs at the 'K-Innovation Day in Singapore' held at Conrad Singapore Orchard.
Minister Oh Young-joo of the Ministry of SMEs and Startups is presiding over a meeting between K-Global Star companies and local venture capitalists (VCs) at the second part of the 'K-Innovation Day in Singapore' event held on the 26th at Conrad Singapore Orchard in Singapore. (Photo by Ministry of SMEs and Startups)
The meeting, chaired by Minister Oh Young-joo of the Ministry of SMEs and Startups, was attended by representatives from Crepas Solution (alternative credit rating agency), Permit (smart farm), Embl (blockchain mobility), TechTaka (AI/logistics), and Masspresso (AI-based customized learning solutions), as well as the Korean Ambassador to Singapore. Local VCs participated, including the chairman of the Singapore VC Association and representatives from Pavilion Capital, Vertex, Cento, OCBC, and others.
On this day, local VCs unanimously agreed that startups with expansion plans into Southeast Asia have high investment value.
Boon Ping Chua, CEO of Cento, which invested 1 million USD (1.4 billion KRW) in Crepas Solution, Korea's first alternative credit rating agency, said, “What was most interesting was that Crepas Solution plans to expand into Southeast Asia,” adding, “This is our first investment case in Korea, and we will make many more investments in Korean companies in the future.”
There was also an evaluation that companies related to domestic logistics services have high growth potential. Regarding TechTaka, an e-commerce logistics solution company, a Vertex representative said, “Korea has Coupang, so there is potential in logistics. This was our third meeting with TechTaka, and we plan to meet again tomorrow,” expressing a high evaluation of its investment value.
Minister Oh emphasized, “Korea is striving to create a dynamic startup ecosystem,” and added, “I hope the partnership between Korea and Singapore will be strengthened.”
Meanwhile, the Ministry of SMEs and Startups held the global investment attraction event ‘K-Innovation Day in Singapore’ on the same day. Through this event, a global fund worth 270 million USD (378 billion KRW) was raised. The event was attended by 80 major investment firms based in Singapore, including Singapore sovereign wealth fund investors Pavilion, Vertex, and OCBC, as well as 52 global companies such as Thales, Oracle, Dassault Syst?mes, and domestic startups.
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