HB Investment announced on the 30th that it has liquidated the venture fund "HB Promising Service Industry Investment Association."
"HB Promising Service Industry Investment Association" is a 34 billion won venture fund formed by venture capital (VC) HB Investment in 2015, with investments from Korea Development Bank (17 billion won), Korea Local Finance Corporation (7 billion won), and others.
The company invested 32.4 billion won in 20 corporations, including Millie's library and Bridge Biotherapeutics, and has reportedly recovered a total of 63 billion won. The internal rate of return (IRR) was calculated at 13.3%.
In particular, 23 billion won was invested in Millie's library, resulting in a recovery of 183 billion won, exceeding eight times the original investment. For Bridge Biotherapeutics, 2 billion won was invested, recovering 13.2 billion won.
HB Investment CEO Hwang Yu-sun said, "I am grateful to many who contributed based on strong trust, and I will work hard to discover investment opportunities to continuously generate results next year."