Pohang City Holds "Gyeongbuk-POSCO Innovation Growth Venture Fund" Formation Ceremony... 101.1 Billion Won Investment in Innovation Sectors

Venture Fund for Innovation Growth Established on the 22nd
Joint Contributions from Parent Fund, Local Governments, and Corporations

On the 22nd, Pohang City held the "Gyeongbuk-POSCO Innovation Growth Venture Fund" formation ceremony at Changeup Ground in Pohang.

On the 22nd, the "Gyeongbuk-POSCO Innovation Growth Venture Fund" formation ceremony was held at Changeup Ground in Pohang. (From left: Cho Hyunil, Mayor of Gyeongsan; Joo Nakyoung, Mayor of Gyeongju; Jung Sunghyun, Deputy Mayor of Gumi; Lee Jutae, CEO of POSCO Holdings; Han Seongsuk, Minister of SMEs and Startups; Lee Cheolwoo, Governor of Gyeongbuk Province; Lee Gangdeok, Mayor of Pohang; Kim Juwon, Head of NH Nonghyup Gyeongbuk Headquarters; Lee Daehee, CEO of Korea Venture Investment) Provided by Pohang City

The "Gyeongbuk-POSCO Innovation Growth Venture Fund" was established after Gyeongbuk Province was selected for the "Regional Era Venture Fund" program organized by the Ministry of SMEs and Startups in March. The fund will be managed by Korea Venture Investment as the fund operator, with a total of 101.1 billion won raised through joint contributions from Korea Venture Investment and the parent fund (61.1 billion won), Gyeongbuk Province, Pohang, Gumi, Gyeongsan, Gyeongju, POSCO Holdings, NH Nonghyup, and other local governments, companies, and banks.

Based on this parent fund, six sub-funds totaling 200 billion won will be formed, which will be used to invest in innovative venture companies within the region.

As a condition of investment from Pohang City and other local governments, there is a mandatory requirement to invest at least 300% (4.5 billion won) of the contributed capital in venture companies located in their respective regions. In addition, Pohang City plans to focus on nurturing venture companies in future industries such as secondary batteries, bio, and hydrogen, leveraging POSCO Holdings' investment.

Since the launch of the sixth popularly elected administration, Pohang has successfully fostered new industries and a venture startup ecosystem based on world-class research infrastructure, thereby establishing a solid foundation for technology commercialization. Through the "Gyeongbuk-POSCO Innovation Growth Venture Fund," the city expects to help decentralize the startup infrastructure that has been concentrated in the Seoul metropolitan area and to drive the commercialization of advanced technology research in the region.

Also, on the same day at Changeup Ground, the 2025 Idea Market Place (IMP) Demo Day event was held.

IMP is a startup investment program initiated by POSCO in 2011. It is an open innovation platform that discovers promising startups in fields such as steel, secondary batteries, energy infrastructure, and new businesses, and connects them to investment and collaboration opportunities with group companies.

To date, the program has received over 10,000 applications, invested 3.4 billion won in 175 companies, attracted 210 billion won in follow-up funding over the past four years, and helped participating companies achieve an average threefold increase in corporate value, establishing itself as a leading innovation program in Korea.

This year's Demo Day featured 22 participating companies, including 8 companies selected for the 28th and 29th IMP cohorts, 11 open innovation partner companies, 1 planned startup, and 2 in-house ventures. Fourteen of these companies presented their IR pitches, showcasing their technological capabilities and visions, and providing opportunities for outstanding local tech companies to promote themselves and attract investment.

Mayor Lee Gangdeok stated at the fund formation ceremony, "The Gyeongbuk-POSCO Innovation Growth Venture Fund marks an important turning point, presenting a new model for building a venture innovation ecosystem in Korea based on Pohang's unique industrial capabilities. Through the IMP Demo Day, we will help local deep-tech startups secure global competitiveness, ensuring that Pohang firmly establishes itself as an innovative startup city both in Korea and worldwide."