South Korea
The Seoul Metropolitan Government (SMG) announced to promote its four-year fund formation efforts for the Seoul Vision 2030 Fund starting this year until 2026.
The city will pool in ₩1+ trillion this year with an aim of reaching ₩5 trillion in total funds to strengthen the city’s startup environment for future industries such as artificial intelligence (AI), biomed, fintech, and robotics, investing in innovative startups to grow into unicorns.
The Seoul Vision 2030 Fund will encompass a total of six fields to help startups and venture capitalists (VCs) overcome financing difficulties.
Budgeting plan for the Seoul Vision 2023 Fund(unit: ₩100M)
| Category | Total | Scaleup | Digital transformation | Startup support | Biomed | Content/ culture | First steps | |||
|---|---|---|---|---|---|---|---|---|---|---|
| Open innovation | Global | Digital | Robotics | Renewal | General | |||||
| Goal | 10,650 | 1,375 | 1,375 | 2,000 | 800 | 1,200 | 1,900 | 1,500 | 500 | |
| SMG | 700 | 100 | 100 | 50 | 50 | 40 | 60 | 100 | 100 | 100 |
※ Scaleup (open innovation) and startup support (renewal) investments achieved in 1H 2023
The city will invest ₩70 billion from its budget and pool in government and private investment funds to secure ₩1.65 trillion in total within this year. The raised funds will be used to invest intensively in innovative companies throughout their entire life cycle of business growth.
To apply as a beneficiary, visit the official SMG website (seoul.go.kr) and Seoul Business Agency website (sba.seoul.kr), and submit the required documents by the application deadline.
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