FOR IMMEDIATE RELEASE                     
April 17, 2025                                    
                                               
Minister’s Strategic Initiatives to Lay the Foundation for the Expansion of Korean Startups in the U.S. from Silicon Valley

SEJONG – On Tuesday, April 15 (local time), the Ministry of SMEs and Startups (MSS) visited the U.S. and held the ‘Global Fund Establishment Ceremony,’ the ‘MOU Signing Ceremony between the United Korean Founders (UKF) and Korea Venture Investment Corp. (KVIC),’ and the ‘Northern California Korean SMEs and Startups Support Council Meeting’ at the Consulate General of the Republic of Korea in San Francisco.

The event was attended by Minister OH Youngju, Consul General LIM Jung-taek, representatives from venture capital firms in both Korea and the U.S., relevant organizations, and about 40 officials.

The key events are as follows:

Global Fund Establishment Ceremony

The Global Fund Establishment Ceremony was attended by Minister OH Youngju, with representatives from three U.S.-based venture capital firms selected as 2024 Global Fund managers. Also present was CIO SHIN Sang-han of KVIC, the management company for Korea's Fund of Funds, who signed the fund establishment documents.

The newly established funds has a total value of USD 200 million (KRW 292.6 billion), with a commitment to invest at least USD 30 million in Korean companies. The fund is expected to play a key role not only in investing in startups from both countries but also in fostering cross-border exchange and cooperation between the venture investment ecosystems of Korea and the U.S.

The U.S. venture capital firms participating in the fund include Patron Management, Third Prime Capital, and ACVC Partners. These mid-sized firms focus on emerging sectors such as AI and robotics and are highly interested in investing in Korean startups.

After the ceremony, CEO Brian CHO of Patron Management stated, “Korean startups have exceptional technology and global competitiveness in advanced industries, making them highly attractive for investment.”

In 2025, MSS selected 15 venture capital firms globally to manage the Global Fund, investing KRW 150 billion through KVIC. Following similar events in Singapore and Japan, the U.S. hosted the latest Global Fund establishment ceremony and related activities.

As of February 2025, the Global Fund has launched a total of 73 funds, raising over KRW 12 trillion and investing more than KRW 1.3 trillion in 642 Korean companies. This initiative has significantly contributed to attracting investment and promoting the global expansion of Korean ventures and startups.

UKF-KVIC MOU Signing Ceremony

Following the Global Fund ceremony, the United Korean Founders (UKF) and KVIC signed a Memorandum of Understanding (MOU) to support the entry of Korean startups into the U.S. market.

Founded in August 2024, UKF is an organization made up of about 1,500 Korean-American investors and startup founders. Since its inception, UKF has hosted the ‘UKF 82 Startup Summit’ in Silicon Valley each year in the first half and in New York in the second half, connecting Korean companies with local Korean-American investors and entrepreneurs.

The MOU, signed by UKF Executive Director KIM Kwang-rok and KVIC CIO SHIN Sang-han, outlines a cooperative effort to support the U.S. expansion of Korean startups. It also emphasizes the mutual exchange and collaboration between companies and investors from both countries.

Through this partnership, Korean startups are expected to receive valuable support in attracting investment, collaborating on technology with U.S. companies, and expanding locally through the Korean-American network in the U.S.

Starting in 2025, MSS plans to leverage the ‘UKF 82 Startup Summit’ as a key platform to support Korean startups' entry into the U.S., connecting it with initiatives like the K-Global Star Program. The Ministry will also assist Korean investors in participating in the summit and networking with local U.S. entrepreneurs and investors.

In her speech, Minister OH emphasized, “Korean companies are globally recognized for their technological prowess and creativity. At CES 2025, 151 Korean companies won a total of 208 innovation awards.” She added, “MSS will continue to actively support our startups in expanding globally by raising over KRW 1 trillion annually for the Global Fund and fostering connections through networks like UKF.”

Northern California Korean SMEs and Startups Support Council

In conjunction with the above events, the ‘Northern California Korean SMEs and Startups Support Council’ meeting was held at the Consulate General of the Republic of Korea in San Francisco. The council aims to support Korean companies as they enter the U.S. market.

The council was established following an MOU signed between MSS and the Ministry of Foreign Affairs in April 2024. Its purpose is to help secure entry points for Korean SMEs and startups in overseas markets and address local challenges. The council operates in 25 diplomatic missions worldwide, where Korean companies are active.

Since its first meeting in April 2024, the Consulate General in San Francisco has held quarterly meetings, offering regular communication with local companies and public institutions. In doing so, the council has successfully addressed 14 challenges and provided 49 pieces of key information to assist Korean companies entering the region.

During this meeting, the council’s achievements were reviewed, future plans discussed, and local startups shared their strategies and challenges for entering the San Francisco market.

Minister OH remarked, “San Francisco, as the global center of startups, is an ideal location for Korean companies to expand. We hope that the Northern California Korean SMEs and Startups Support Council will continue to play a vital role in supporting our companies’ successful entry into the U.S. market.” She also encouraged entrepreneurs to reach out to the council whenever they face challenges in the region.