Baemin Signs Business Agreement with 12 Organizations to Invest in and Nurture Domestic Startups

Providing Part of the New Headquarters Space
Supporting Startup Growth

Baemin has formed a team with 12 organizations to invigorate the domestic startup ecosystem. On the 15th, Woowa Brothers, the operator of Baemin, announced that it had signed a business partnership agreement for a joint acceleration project to invest in and nurture startups with 12 organizations, including the Gyeonggi Center for Creative Economy & Innovation Foundation, SparkLabs, VentureSquare, and In & Out Corporation.

This agreement was established to implement the startup incubation project, which is part of the KRW 200 billion social investment initiative "Baemin's Commitment to Sustainability" announced in March last year. The aim is to discover and nurture domestic startups and support their global expansion through strategic business partnerships among the supporting organizations.

On the 14th, at Lotte World Tower 'The Keun Jip' in Songpa-gu, Seoul, representatives from companies and institutions participating in the startup incubation support project signed a business partnership agreement for a joint acceleration project to invest in and nurture startups, and took a commemorative photo. Woowa Brothers

Under the project named "Startup Square," Woowa Brothers will oversee the overall operation, including establishing business policies, planning and managing programs, setting selection criteria for participating companies, and making final selections. In addition, part of Woowa Brothers' new headquarters, which will be built in Pangyo 2nd Techno Valley, will be provided free of charge for 10 years to organizations and startups participating in Startup Square, supporting their growth.

The supporting organizations will be responsible for building the ecosystem and providing incubation, such as entrepreneur training and management support, to help startups grow stably. They will also offer advice on strengthening technological and managerial capabilities, as well as on business and research matters. Furthermore, to facilitate market entry, expansion, and IPOs for startups, they plan to organize investment events, conferences, and forums to support investment and business development connections.

In particular, this project will focus on providing intensive support for areas that can expand into other industries, such as artificial intelligence (AI), big data, and blockchain. In line with the new government's policy direction of an "AI-based society," the support plan will also consider potential business linkages with Baemin's services.

Approximately 70 startups in various fields, including AI, delivery ecosystem, and social ventures, will be selected to participate in this project. Each supporting organization will recruit candidates according to its selection plan, and the final resident companies will be chosen in consultation with Woowa Brothers. Kim Junghyun, Head of Value Management at Woowa Brothers, stated, "Woowa Brothers, which started as a startup, was able to grow into a leading domestic platform thanks to the advice and support of many organizations and industry players. We will spare no effort in supporting the domestic startup ecosystem together with the organizations participating in this agreement."