The Gyeonggi Center for Creative Economy and Innovation (CEO Won-kyung Kim) announced on the 12th (local time) that it signed a strategic memorandum of understanding (MOU) with Storm Ventures, a Silicon Valley-based venture capital firm in the United States, to jointly invest in promising global startups and support domestic startups' entry into overseas markets.
Founded in 2000, Storm Ventures is a Silicon Valley-based venture capital firm focused on early-stage investments in B2B technology startups. Currently managing approximately $1 billion in assets across seven funds, Storm Ventures supports the growth of startups pursuing global expansion through not only investment but also advisory services and local network connections.
Storm Ventures has an investment portfolio focused on AI and B2B SaaS, and the Gyeonggi Innovation Center is also strategically fostering AI and B2B SaaS, centered in Pangyo. Based on the strong alignment between their investment areas and strategic direction, the two organizations plan to pursue joint investments and global collaborations focused on AI and B2B SaaS.
This agreement aims to establish a global collaboration model centered on club deals, moving beyond simple exchanges and involving joint investors. Through this, the goal is to simultaneously support the global scale-up and investment connections of domestic startups.
Under the agreement, the two organizations will pursue joint investments and club deals targeting promising global startups, operate joint support programs to help Korean startups enter overseas markets, and support follow-up investments and business expansion through networking with investment and industry experts.
With this agreement, the Gyeonggi Innovation Center plans to move beyond its existing program-centered global support approach and strengthen its global business model, focusing on investment linkages and joint investment execution.
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