October 7-8: Executive Union Members (Asset Managers) Registration... Formation Expected to Complete by January Next Year
Jungnang-gu (Mayor Ryu Kyung-gi) is establishing the ‘Jungnang Donghaeng Startup Fund’ worth 10 billion KRW.
This fund is designed to invest in small and medium-sized enterprises (SMEs) with potential for growth, aiming to revitalize the local economy and contribute to job creation within the region.
In April, the district established the investment plan for the ‘Jungnang Donghaeng Startup Fund.’ After review by the SME Development Fund Management Committee, the fund formation investment consent was approved at the 264th Jungnang-gu Council extraordinary session. An investment of 250 million KRW was allocated in the fund budget, and an annual SME development fund of 250 million KRW will be set aside to secure a total of 1 billion KRW by 2027.
The ‘Jungnang Donghaeng Startup Fund’ aims to raise over 10 billion KRW from the district government, along with contributions from government-affiliated institutions such as Korea Venture Investment Corp., fund management companies, and other private investors, targeting a total fund size exceeding 100 billion KRW. By leveraging the government’s mother fund and private resources, the fund plans to operate stably and efficiently, investing more than 20 billion KRW?twice the district’s contribution?into local startup companies.
The investment targets are companies within Jungnang-gu or those planning to relocate to the area within one year, and that have been established within the last seven years.
To establish the fund by January next year, the district is currently announcing recruitment for the general partner (management company). After selecting the management company in October, the district plans to promptly proceed with the SME development fund investment, fund registration, and other fund formation procedures.
Mayor Ryu Kyung-gi of Jungnang-gu stated, “By establishing the ‘Jungnang Donghaeng Startup Fund,’ we plan to expand tailored investment opportunities for technology-holding startups and early-stage startups.” He added, “This will not only provide practical support to startup companies but also build partnerships with investors to lay the foundation for the economic growth of Jungnang-gu.”
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