Minister of SMEs and Startups Takes Strategic Steps in Silicon Valley for K-Startup Entry into the US

Three New Global Funds Worth a Total of $200 Million Established
MOU Signed for Cooperation Between UKF and Korea Venture Investment

Minister Oh Young-joo of the Ministry of SMEs and Startups (MSS) took strategic steps in Silicon Valley to establish a foundation for Korean ventures and startups to enter the U.S. market.

The MSS announced that on the 15th (local time), Minister Oh visited the Consulate General of the Republic of Korea in San Francisco to hold the 'Global Fund Formation Ceremony,' the 'Korean Entrepreneurs Federation (UKF)-Korea Venture Investment MOU Signing Ceremony,' and the 'Northern California SMEs and Startups Support Council' meeting. About 40 people attended the events, including Minister Oh, Consul General Lim Jeong-taek, venture capitalists from Korea and the U.S., related Korean institutions, and event officials.

The Global Fund Formation Ceremony was conducted with the signing of fund formation documents by the representatives of three U.S. venture capital firms selected last year as global fund operators and Shin Sang-han, Vice President of Korea Venture Investment, the fund of funds operator. The three funds formed on this day total $200 million, with at least $30 million of that amount mandated to be invested in Korean companies. The newly established global funds are expected to play a significant role not only in investing in startups from both countries but also in fostering exchange and cooperation between the venture investment ecosystems of Korea and the U.S.

Minister Oh Young-joo of the Ministry of SMEs and Startups is delivering a congratulatory speech at the "Global Fund Formation Ceremony and MOU Signing Ceremony" held in San Francisco, USA, on the 15th (local time). Ministry of SMEs and Startups

Last year, the MSS selected 15 venture capital firms worldwide as global fund operators and contributed 150 billion KRW through Korea Venture Investment. Since last year, related events and global fund formation ceremonies have been held in Singapore, Japan, and now the U.S. As of February this year, a total of 73 global funds have been raised, amounting to over 12 trillion KRW, investing more than 1.3 trillion KRW in 642 Korean companies, thereby contributing to the investment attraction and global expansion of Korean ventures and startups.

Following the global fund formation ceremony, UKF and Korea Venture Investment signed an MOU to support the U.S. market entry of Korean ventures and startups. UKF was voluntarily formed in August last year by Korean-American investors and startups and consists of approximately 1,500 members. Since last year, UKF has held the 'UKF 82 Startup Summit' annually in Silicon Valley in the first half of the year and New York in the second half, serving as a bridge between Korean companies and local Korean-American investors and entrepreneurs.

The main content of the MOU is that both organizations will cooperate to support the U.S. market entry of Korean ventures and startups and actively support mutual exchange and cooperation between companies and investors from both countries. Starting this year, the MSS plans to utilize the 'UKF 82 Startup Summit' as a platform for Korean ventures and startups to enter the U.S. market by linking it with the MSS's K-Global Star program and other initiatives. Korean investors will also be supported to attend the summit to network and collaborate with local investors and entrepreneurs.

Minister Oh stated, "Korean companies have been globally recognized for their technology and creativity, winning a total of 208 innovation awards from 151 companies at CES this year." He added, "The MSS will actively support global investment attraction by raising more than 1 trillion KRW annually for global funds to help our ventures and startups successfully enter the global market, and will actively connect our companies to overseas networks such as UKF."

The 'Northern California SMEs and Startups Support Council' was also consecutively held at the Consulate General of the Republic of Korea in San Francisco to support Korean companies' entry into the U.S. The Support Council was established and operates in 25 overseas diplomatic missions where Korean SMEs and startups are actively entering, based on a memorandum of understanding signed by the MSS and the Ministry of Foreign Affairs in April last year, to secure overseas footholds and resolve local difficulties. Since the first meeting held in April last year, the San Francisco Consulate General has held quarterly meetings, communicated regularly with local companies and public institutions, resolved 14 issues, and provided 49 pieces of information, continuing to support problem-solving and local networking for companies operating in San Francisco.

Minister Oh said, "San Francisco, the global startup hub, is a region where Korean startups also hope to enter. I expect the Northern California SMEs and Startups Support Council to continue playing a key role in supporting our companies' entry and local business support."