The Seoul Center for Creative Economy and Innovation (Director Lee Young-geun) announced the formation of its first fund since its launch in 2015. The newly formed fund, dubbed "Seoul Changgyeong-Better Fintech Investment Association No. 1," will be managed jointly by Better Ground, which achieved over KRW 10 billion in assets under management within two years of its establishment. The investment association, with a five-year maturity, is a project fund aimed at an IPO exit.
The fund's target company is the fintech startup "Sintnote." This company offers "Thanks QR," a service that enables instant cash transfers via credit card even when cash isn't readily available in areas where cash transactions, such as secondhand goods sales, are primarily conducted face-to-face.
The newly established fund is being managed by the Investment Operations Office (Director Ji-Woo Jeong) of the Seoul Center for Creative Economy and Innovation. Director Ji-Woo Jeong stated, "The venture capital market is currently experiencing a severe downturn, and many predicted that the Seoul Center's first fund launch, with no prior investment track record, would be challenging. However, we have successfully established our first fund within four months of launch, and with our second and third funds scheduled to close sequentially, we will continue to work diligently to establish new investment partnerships and discover promising startups in the new year."
Lee Young-geun, Director of the Seoul Center for Creative Economy and Innovation, said, "The Seoul Center's essential role is to establish funds for entrepreneurs and startups and to expand its venture investment activities. In the new year, the Seoul Center will fully fulfill its role as an investment institution, creating larger funds in the currently stagnant venture investment market, and striving to ensure that outstanding startups receive timely funding."
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