Busan Creative Economy Innovation Center (CEO Yongwoo Kim) and Busan United Technology Holdings Co., Ltd. (CEO Hoonki Park) received investment from the Korea Development Bank, Korea Venture Investment, and Busan Metropolitan City last year, and were finally selected for the 'Regional League' within the Busan Future Growth Venture Fund. They will hold the inauguration ceremony of the 'Busan Regional Innovation Fly High Investment Association' (hereinafter referred to as Fly Fund) on the 24th.
In particular, the formation gained momentum as Chairman Hong Won-pyo of Samwon FA Co., Ltd., who is the chairman of the Busan Chamber of Commerce and Industry Future Industry Committee, and CEO Jeong Hyeon-don of Citycop Co., Ltd., who is a member, participated in investing in the Fly Fund to vitalize investment in startups in the Busan region. It is meaningful in that it is revitalizing support for local startups through the participation of members of the Busan Chamber of Commerce and Industry Future Industry Committee, and it is expected that mutual growth with the local economy can be achieved through the growth of local startups.
The newly formed Fly Fund is a private investment fund that plans to invest more than 80% of the total committed amount in startups in the Busan area over an eight-year operating period (four-year investment period).
As for major investment companies, we plan to focus on discovering and investing in Busan's nine strategic and five future new industry companies, focusing on 'Busan regional companies' that have their headquarters or branches in Busan. We also plan to actively accelerate the fostering and growth of startups by linking the support projects held by both organizations for investment companies.
Kim Yong-woo, CEO of the Busan Creative Economy Innovation Center, said, “The formation of this fund is the cornerstone for revitalizing investment in the Busan region,” adding, “We will make every effort, both materially and spiritually, to create a virtuous cycle in the local economy.”
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