190 Billion KRW Fund Open for Applications
Six Investment Firms to Be Selected
On May 23, Jeonbuk Province announced the "2025 2nd Jeonbuk Innovation Success Venture Fund Investment Project" and began an open call for six investment management firms to manage a total fund of 19 billion KRW.
According to the province on May 23, this project targets six funds across four sectors: startups and ventures (angel investment), materials, parts, and equipment, scale-up (open innovation, industrial technology innovation), and secondary (general and regional AC).
The province will invest a total of 19 billion KRW, including 1 billion KRW from Jeongeup City, with the goal of forming a fund totaling 184 billion KRW based on this capital.
The application period for investment management firms is open until June 11. The province plans to select preferred partners by the end of next month through a document review and presentation evaluation, and aims to complete the fund formation within this year.
The "Jeonbuk Innovation Success Venture Fund" is a core investment policy that has been actively promoted since the launch of the 8th popularly elected administration, with the goal of investing more than 25 billion KRW annually for four years since 2022 to create a venture fund totaling 1 trillion KRW.
This is a strategic effort to improve the poor investment environment in non-metropolitan areas and to provide practical growth support to promising companies experiencing funding shortages.
Once the 1 trillion KRW fund is established, stable investment resources of more than 200 billion KRW will be supplied to local companies through the inflow of private capital that is twice the 100 billion KRW invested by Jeonbuk Province. This is expected to accelerate the growth of venture companies, strengthen the competitiveness of local industries, and contribute significantly to job creation.
Kim Jonghun, Vice Governor for Economic Affairs of Jeonbuk Province, stated, "We are steadily working toward the goal of forming a 1 trillion KRW venture fund. While we focused on early-stage startups over the past two years, starting this third year, we aim to achieve qualitative growth by supporting scale-up and concentrated investment in promising companies. We will continue to expand opportunities for competitive Jeonbuk venture startups to secure funding smoothly, and will work to produce successful cases such as IPOs and M&As."
For more details, please refer to the investment announcement on the Jeonbuk Province website and the Korea Venture Capital Association website. Inquiries can be directed to the Startup Support Division.
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