MSS to Select Micro VC Funds to Invest in Early Startups
- Division
- 국제협력과
- Date
- 2017.11.06
- Writer
- 박강범
- File
- Headline
- Including KRW 9 billion from FoFs, MSS plans to create funds worth KRW 16.7 billion in total by year's-end.
Micro VC funds for early startup entrepreneurs worth KRW 16.7 billion will be created, and this will include KRW 9 billion in investments from Fund of Funds (FoFs).
The Ministry of SMEs and Startups (“MSS," Vice Minister Su-gyu Choi) and the Korea Venture Investment Corporation (CEO Kang-rae Cho) announced that they selected have Blue Point Partners and three other accelerator firms for the micro VC funds to be created for early startup companies.
As for the selected firms:
Blue Point Partners is a company founded by Mr. Yong-gwan Lee in Daejeon. Mr. Lee is a startup entrepreneur himself, with experience leading global M&As to success. One of the company’s strengths is its ability to invest in high-tech businesses that utilize the research infrastructures of Daejeon.
Kingsley Ventures, where the British private equity firm Kingsley Capital is the major shareholder, has the capabilities to provide startups with opportunities to expand overseas, based on their expansive overseas network and financial resources.
This KRW 16.7 billion investment program will be joined by four investment associations, with individual funds investing as much as 56% of the total. The created funds will exclusively invest in early startups (three years old or younger).
An MSS official said, “By having accelerators lead the creation of the funds, we will be able to invest in identifying and developing innovative startup entrepreneurs, thereby raising the speed of growth for innovative startups.”
The official added, “the government will help the private accelerators to create those funds. It will be a startup program where the private sector takes the lead, and the government provide supports from the rear.”
The Ministry of SMEs and Startups (“MSS," Vice Minister Su-gyu Choi) and the Korea Venture Investment Corporation (CEO Kang-rae Cho) announced that they selected have Blue Point Partners and three other accelerator firms for the micro VC funds to be created for early startup companies.
As for the selected firms:
Blue Point Partners is a company founded by Mr. Yong-gwan Lee in Daejeon. Mr. Lee is a startup entrepreneur himself, with experience leading global M&As to success. One of the company’s strengths is its ability to invest in high-tech businesses that utilize the research infrastructures of Daejeon.
Kingsley Ventures, where the British private equity firm Kingsley Capital is the major shareholder, has the capabilities to provide startups with opportunities to expand overseas, based on their expansive overseas network and financial resources.
This KRW 16.7 billion investment program will be joined by four investment associations, with individual funds investing as much as 56% of the total. The created funds will exclusively invest in early startups (three years old or younger).
An MSS official said, “By having accelerators lead the creation of the funds, we will be able to invest in identifying and developing innovative startup entrepreneurs, thereby raising the speed of growth for innovative startups.”
The official added, “the government will help the private accelerators to create those funds. It will be a startup program where the private sector takes the lead, and the government provide supports from the rear.”