Incheon TP Signs Investment Agreement for 'Incheon Startup Fund No. 9', Establishes Total Fund of 29.3 Billion KRW

Woosung IB Secures 1.5 Billion KRW Investment
from Incheon Startup Fund No. 9

Incheon Technopark (Incheon TP) held a signing ceremony for the 'Incheon Startup Fund No. 9' investment agreement on the 28th at Incheon Startup Park, attended by representatives from investment firms and companies seeking investment.

The Incheon Startup Fund No. 9 is a fund established with a total scale of 29.3 billion KRW to invest in promising companies in Incheon. The city of Incheon contributed 1 billion KRW, and the fund is jointly managed by Midas Donga Investment and NVC Partners.

At the 'Incheon Startup Fund No. 9' investment contract signing ceremony held on the 28th at Incheon Startup Park, (from left) Seungsu Jung, Head of Venture Startup Business Group at Incheon TP, Kangsik Lee, Vice President of Woosung IB Co., Ltd., Heejae Lee, CEO of Woosung IB Co., Ltd., and Dongsik Yoo, Deputy Director of Venture Investment Support Center at Incheon TP, are posing for a commemorative photo. Incheon TP Photo by Incheon TP

Woosung IB Co., Ltd., which secured an investment of 1.5 billion KRW from the startup fund this time, is a company specializing in the manufacturing of water leisure and military boats, headquartered in Bupyeong-gu, Incheon. According to Incheon TP, the company is expanding its business based on outstanding proprietary technology and know-how, and is particularly targeting the premium market aggressively.

Woosung IB has obtained all the stringent international certifications, establishing itself as a trusted brand in overseas markets with high entry barriers, and has grown into an export-oriented company with the majority of its revenue generated from overseas sales.

An Incheon TP official stated, "Companies that have received investment from the Incheon Startup Fund are contributing to the revitalization of the local economy and industrial ecosystem through value-up efforts such as strengthening technological capabilities and diversifying their businesses. We will continue to invest and provide support through public-private cooperation to foster the growth of promising Incheon companies."

Meanwhile, Incheon City has established a total of nine startup funds, raising a total of 258.3 billion KRW, and has invested 220.2 billion KRW in 205 companies so far. Of this, 38 billion KRW has been invested in 36 Incheon-based companies, which amounts to approximately 380% of the city's contributed capital.