Chungnam Province announced on the 27th that it has been finally selected in the public recruitment for local governments to participate in the "Local Era Venture Fund," which is organized and implemented by the Ministry of SMEs and Startups.
The province plans to establish a parent fund with a total scale of 100 billion KRW through this Local Era Fund. The investment structure will consist of 60 billion KRW from the Korea Fund of Funds, 8 billion KRW from the province, and 32 billion KRW from financial institutions and corporations.
The fund aims to be established in June this year, with Korea Venture Investment Corporation serving as the parent fund operator.
The sub-funds are planned to be established with a scale of over 150 billion KRW, focusing on four key investment areas: innovative industries, mobility, carbon neutrality, and early-stage startups.
Once the Local Era Venture Fund is created, it is expected that more than 60 billion KRW will be invested within the province. This amount is 7.5 times greater than the province's own investment of 8 billion KRW.
An official from the province stated, "This venture fund will be a great help in fostering venture and startup companies centered on innovative technologies, and in building a startup ecosystem in Chungnam with future competitiveness through the expansion of venture fund creation."
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