TLDR:
- IBK Venture Investment, a subsidiary of the Industrial Bank of Korea, plans to invest W500 billion into local startups over the next three years.
- The investment unit was founded to fund early-stage startups and will work in conjunction with IBK Capital and the policy lender IBK to support the growth of startups.
IBK Venture Investment, a subsidiary of the state-owned Industrial Bank of Korea, has announced its plan to inject 500 billion won ($370 million) into local startups over the next three years. Launched in December with an initial capital of 100 billion won, the investment unit aims to fund early-stage startups in a bid to invigorate the venture ecosystem. IBK Venture Investment will act as an angel investor, providing financing for the early stages of development, while its affiliate IBK Capital will handle secondary investments from Series A to pre-IPOs. The policy lender IBK will also play a role in principal investments and corporate financing for the supported companies.
IBK Chairman Kim Sung-tae, who had previously expressed the need to expand funding for local startups, emphasized the importance of supporting early-stage startups with innovative technology to help them overcome the funding challenges commonly referred to as the “valley of death.” CEO Cho Hyo-sung also reiterated the organization’s commitment to supporting startups with exceptional technology and potential to enhance Korea’s tech competitiveness in the global market.
