CNTTECH, an accelerator (AC) specializing in early-stage startup investments, announced on the 24th that it signed a business agreement (MOU) with Draper Startup House Korea to discover and foster global startups.
CNT Tech is the accelerator with the largest number of startup investments in Korea for five consecutive years, and last year alone, it achieved its highest annual performance by investing 21.5 billion won in 117 startups.
Through this agreement, CNT Tech plans to actively utilize Draper Startup House’s global network of 35 branches in 20 countries around the world to further strengthen support for outbound expansion, investment attraction, and incubation of incubation companies.
On this day, the signing ceremony was attended by CNT Tech CEO Jeon Hwa-seong, Director Lee Tae-rin, Global AC Team Leader Cho Hyeon-seung, and other key CNT Tech officials, along with Draper Startup House Korea CEO Lee Se-yong, who discussed strategic cooperation plans between the two organizations.
'Draper Startup House Korea' is a subsidiary of DFJ (Draper Fisher Jurvetson), founded by legendary Silicon Valley venture capitalist Tim Draper, and is a global incubation hub that discovers and fosters promising startups around the world. Tim Draper is well known for his early investments in global companies such as Hotmail, Skype, Tesla, SpaceX, Baidu, and Twitter, and is currently contributing to the activation of the global startup ecosystem. In particular, he is promoting the hosting of startup competitions in Korea and the attraction of a Draper University branch.
Through this MOU, the two companies plan to gradually pursue practical cooperation plans, including ▲ expanding global expansion and investment connections for startups ▲ discovering and nurturing startups through a network of experts ▲ co-hosting global competitions and programs ▲ creating a joint investment network through the formation of a fund (Co-GP) ▲ accelerating entry into the North American, Asia-Pacific, and Singapore markets.
“This agreement will be a significant turning point in promoting the global expansion of Korean startups,” said CNT Tech CEO Jeon Hwa-seong. “By combining CNT Tech’s incubation capabilities and Draper Startup House’s global network, we will actively support more startups to become competitive in the global market.”
Draper Startup House Korea CEO Lee Se-yong also said, “Through our collaboration with CNT Tech, we expect that promising Korean startups will have more opportunities on the global stage, including Silicon Valley,” adding, “Based on the strengths of both companies, we will create tangible results across the board in investment, nurturing, and global networking.”
The two organizations plan to spur the creation of a global startup ecosystem through various cooperative projects in the future, such as joint startup discovery, support for attracting investment, and hosting a global demo day.
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