Investment in Early-Stage Support and the Entire Growth Process of Startups
The registration of the first venture capital (VC) corporation in Cheonan is expected to significantly strengthen the startup investment environment in the region.
The city of Cheonan, Chungnam Province, announced on the 7th that Gravity Ventures, a startup investment company, has completed its registration as a venture capital firm.
Gravity Ventures is an investment company that relocated its headquarters from Seoul to Cheonan last year, and it operates with a scale of up to 100 billion KRW.
With this registration, the company can now invest not only in early-stage support for startups but also throughout the entire growth process of startups.
Mayor Park Sangdon said, "The role of private investment firms is crucial for the growth of startups. I hope to see expanded investment and support," adding, "The city will spare no effort to help private investment firms settle stably and continue their investment activities."
Until now, Cheonan lacked venture capital firms, making it difficult for startups to secure investment. This was because over 80% of domestic venture investments are concentrated in the Seoul metropolitan area, and there was a shortage of local investment companies.
In response, the city has actively attracted private investment firms to foster startups, increasing the number of local investment companies from just one three years ago to eight today.
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