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The city of Seoul in South Korea has announced that it will invest 50 billion won in promising small and mid-sized venture companies via the Fourth Industrial Revolution Fund.
In late 2018, the Seoul Metropolitan Government had revealed its plans to set up a ₩131 billion Seoul Innovation Growth Fund in 2019. The fund aimed to intensively invest in 7 areas such as blockchain, fintech, and biotechnology, among others.
Earlier this year, the government said that it will invest 1.2 trillion won ($1.07 billion) in startups by 2022 via the investment fund, CoinDesk reported.
According to the latest press release dated June 17:
“The Seoul Metropolitan Government has completed the 'Fourth Industrial Revolution Fund' … for 50 billion won (8 years of investment, 4 years of investment) In the early stage, we have already exceeded our target by more than 200%...”
The government said that it is creating 'Seoul Innovation Growth Fund' with 7 trillion won in total from '18 to '22, adding that the 'Fourth Industrial Revolution Fund' is part of the initiative. The 'Fourth Industrial Revolution Fund' will primarily invest in Series A funding rounds of startup companies.
“More than 80% of the 50 billion are invested in companies in the 4th industrial revolution sector, of which more than 26 billion won invest heavily in so-called ICT DNA such as 5G, AI, blockchain, and Big Data. In particular, more than 10 billion won will be invested in SMEs or venture companies in the 4th industrial revolution in Seoul,” the release states.
[The article has been written using online translation of the official release.]
