Vice Minister Noh Yong-seok of the Ministry of SMEs and Startups (Minister Han Sung-sook, hereinafter referred to as the Ministry of SMEs and Startups) attended the inaugural ceremony of the 'Busan Innovation Scale-up Venture Fund' held at the Busan City Hotel on Thursday the 28th and announced that the Busan regional fund, which focuses on investing in Busan Metropolitan City, has completed recruiting investors and will begin full-scale operations.
To revitalize regional venture investment, the 2025 Regional Mother Fund will be established in Gangwon, Gyeongbuk, Busan, and Chungnam with a total of 400 billion won. Following the Chungnam Corporate Growth Venture Fund, the Busan Innovation Scale-up Venture Fund will be the second fund established. Mother funds for Gangwon and Gyeongbuk are also scheduled to be established soon.
This 'Busan Innovation Scale-up Venture Fund' was formed as a large-scale mother fund with a total of KRW 101.1 billion, with the mother fund providing KRW 60 billion as a starting capital and Busan City, Busan Bank, and Industrial Bank of Korea participating as investors.
The Busan Corporate Growth Venture Fund plans to establish a KRW 200 billion venture fund focused on investing in Busan by finalizing its investment areas through the September Steering Committee and starting its private fund investment business in October.
Vice Minister Noh Yong-seok said, “Busan is Korea’s second largest city and a global maritime, logistics, and cultural hub. Thanks to the active efforts of the government and Busan City, it is now leaping forward as a major startup city in Asia.” He added, “Through this Busan Innovation Scale-up Venture Fund, the Ministry of SMEs and Startups will strengthen its support to provide ample investment opportunities to ventures and startups in regions other than the metropolitan area.”
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