The Gyeonggi Center for Creative Economy and Innovation (CEO Won-kyung Kim, hereinafter referred to as the “Gyeonggi Innovation Center”) announced on July 11 that it signed a strategic business agreement (MOU) with Alcove Investment Management (CEO Ji-geon Hong, hereinafter referred to as “Alcove”), a North American-based global investment firm, for the global expansion and investment linkage of promising technology startups.
Alcove is an investment firm that has invested in technology-based startups from the early stage (Seed~Series A) to the late stage (Late-stage) in 13 countries based on approximately $300 million in assets under management (AUM). In particular, it has a network of domestic and international institutional investors focusing on cutting-edge technology fields including deep tech.
Through this agreement, the two organizations agreed to pursue practical cooperation measures such as ▲joint discovery and investment linkage of promising startups ▲joint fund creation and strategic investment cooperation ▲joint planning and operation of global programs.
According to the agreement, the Gyeonggi Innovation Center will discover and recommend promising startups with global capabilities, and Alcove will evaluate investment potential based on its own criteria. For the selected startups, the Gyeonggi Innovation Center will support commercialization and growth in Korea, and Alcove will support global investment attraction and overseas market entry, thereby creating an integrated ecosystem of joint discovery, joint investment, and joint fostering.
This agreement is expected to provide opportunities to attract global investment to childcare companies nationwide, especially since the Gyeonggi Innovation Center serves as a global strategic hub for the National Creative Economy Innovation Center.
Kim Won-kyung, head of the Gyeonggi Innovation Center, said, “This agreement is a specific collaboration model that designs the global growth of Korean startups together with private investment firms,” adding, “We will continue to engage in executable collaboration so that it goes beyond simple network building and leads to actual investment and results.”
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