Minister Oh Youngju of the Ministry of Small and Medium Enterprises and Startups is visiting the United States to establish a foundation for the advancement of Korean ventures and startups.
The Ministry of Small and Medium Enterprises and Startups announced on the 15th that it visited the Consulate General of the Republic of Korea in San Francisco to host the 'Global Fund Formation Ceremony,' a signing ceremony for the memorandum of understanding (MOU) between the Korean Founders Union (UKF) and Korea Venture Investment Corporation, and a meeting of the Northern California Small and Medium Enterprises Support Council.
During the 'Global Fund Formation Ceremony,' Minister Oh Youngju and representatives from three American venture capital firms, including the Deputy Director of Korea Venture Investment Corporation, Shin Sang-han, participated in signing the fund formation document. The American venture capital firms participating in the formation ceremony are Patron Management, Third Prime Capital, and ACVC Partners.
The global fund formed that day is worth a total of $200 million (approximately 292.6 billion won), with at least $30 million (approximately 42.9 billion won) required to be invested in Korean corporations. To date, a total of 73 funds have been established, accumulating over 12 trillion won and investing more than 1.3 trillion won in 542 Korean corporations.
Following the Global Fund Formation Ceremony, the Korean Founders Union and Korea Venture Investment Corporation signed an MOU to collaborate in supporting Korean ventures and startups' expansion into the United States. This partnership is expected to provide Korean ventures and startups with assistance from the Korean network in the U.S.
Beginning this year, the Ministry of Small and Medium Enterprises and Startups plans to utilize the 'UKF 82 Startup Summit' as a platform for Korean ventures and startups' expansion into the U.S., in connection with the KGlobal Star program, and to support Korean investors attending the summit to network and collaborate with local investors and corporations.
Minister Oh Youngju noted in her speech, "Korean corporations have been recognized globally for their technological prowess and creativity, with a total of 151 companies winning 208 innovation awards at CES this year," and added, "The Ministry of Small and Medium Enterprises and Startups will actively support global investment attraction by establishing more than 1 trillion won in the global fund annually and connecting our corporations to overseas networks such as UKF."
To support Korean corporations' entry into the U.S. market, the 'Northern California Small and Medium Enterprises Support Council' was also held at the Consulate General of the Republic of Korea in San Francisco.
The Small and Medium Enterprises Support Council supports securing overseas expansion bases for Korean small and medium enterprises and resolving local difficulties. It is installed and operated in overseas spaces in 25 regions. In this meeting, the council reviewed its achievements and discussed future plans.
Meanwhile, Minister Oh arrived in San Francisco on April 15 (local time) and visited the integrated base of the Ministry of Small and Medium Enterprises and Startups that is scheduled to open in the second half of this year as her first itinerary.