Gyeongsangnam-do announced that it held the 'Gyeongsangnam-KDB Regional Innovation Venture Fund Inauguration Ceremony' at the Grand Mercure Ambassador Changwon together with the Ministry of SMEs and Startups, Korea Development Bank, BNK Gyeongnam Bank, NH Nonghyup Bank, and Korea Venture Investment.
Key figures in attendance at the event included Gyeongsangnam-do Governor Park Wan-soo, Vice Minister of SMEs and Startups Kim Sung-seop, Korea Development Bank Chairman Kang Seok-hoon, BNK Financial Group Chairman Bin Dae-in, NH Nonghyup Bank President Kang Tae-young, BNK Gyeongnam Bank President Ye Kyung-tak, NH Nonghyup Bank Gyeongnam Branch Manager Cho Cheong-rae, and Korea Venture Investment Vice President Shin Sang-han, to celebrate the fund's formation. The event was also attended by approximately 130 people, including Gyeongsangnam-do Provincial Council Economic and Environmental Committee Chairman Heo Dong-won, executives and staff from 27 major domestic venture capital firms and startup planning companies, and startup company representatives.
Governor Park Wan-soo said in his welcoming speech, “Gyeongnam Province’s efforts to create a fund for startups and continuously invest in venture capital are like a farmer sowing seeds,” and expressed his hope that this fund will lead to the revitalization of Gyeongnam’s startup ecosystem, the emergence of unicorn companies in the province, and the growth of mid-sized companies.
The "Gyeongnam-KDB Regional Innovation Venture Fund" is part of a fund creation project by the Ministry of SMEs and Startups, the Korea Mother Fund, and Korea Venture Investment Corporation to foster a venture investment ecosystem outside the metropolitan area. Gyeongnam Province was selected as a new fund creation site, along with Busan, South Jeolla Province, and North Gyeongsang Province. Through this initiative, Gyeongnam Province received a KRW 15 billion investment from the Korea Mother Fund and, after consultations with financial institutions, established a fund totaling KRW 64.7 billion.
Major investors include Gyeongsangnam-do Province (KRW 5 billion), Korea Mother Fund (KRW 15 billion), Korea Development Bank (KRW 32 billion), BNK Gyeongnam Bank (KRW 10 billion), and NH Nonghyup Bank (KRW 2 billion). Korea Venture Investment, the investment company, also contributed a portion. Gyeongsangnam-do Province plans to launch its private fund investment program in the first half of 2025 and establish seven private funds totaling KRW 141.7 billion over the next three years. These funds will focus on investing in Gyeongsangnam-do startups, technologically innovative SMEs and venture companies, and companies related to the region's strategic industries.
Additionally, to commemorate the fund formation ceremony on this day, a corporate briefing session (IR) was held to introduce promising startups in Gyeongnam. Companies that presented included People & Story, Swasher, Livework, Saito, Minerva Edu, and Biotion.
Gyeongsangnam-do Province has supported the growth of local startups by investing a total of KRW 94.9 billion in 128 Gyeongsangnam-do companies through its fund-raising program. Through the newly established "Gyeongsangnam-KDB Regional Innovation Venture Fund," the province now has 26 investment funds, exceeding KRW 662 billion. In just two years and six months, the total amount raised by Gyeongsangnam-do funds has increased 3.1-fold.
- See more related articles
You must be logged in to post a comment.