In a move to support the growth of the agri-tech sector, the Korean Ministry of Agriculture, Food and Rural Affairs has launched a new venture fund worth over KRW 200 billion (USD 149 million). The Agri-Food Venture Fund aims to support startups and companies within the agricultural and food industries that are leveraging technology to enhance productivity and promote symbiotic relationships with domestic farms. The fund will focus on innovative areas such as smart farm technology and initiatives that boost farm income. As of December 2023, a significant portion of the agricultural and food sub-fund has already been invested.
The Ministry of Agriculture has also introduced Ag·FoodTag (Agriculture), a platform that aims to facilitate private investors’ understanding of agricultural and food companies in Korea. Plans are underway to enhance investment reports on the agri-food industry and establish the Agri-Food Investment Information Sharing Platform (ASSIST).
Several startups have received investments from the Agri-Food Fund, including Dalol Company, which produces gluten-free rice confectionery and has secured Gluten Free Certification from the Celiac Association of America. Gapjone, an online flower distribution company, and Green, which specializes in smart farm facilities such as tower-type vertical cultivation systems, have also received substantial investments.
Overall, the launch of the Agri-Food Venture Fund marks a significant milestone in South Korea’s journey towards agricultural innovation and sustainability.
