The growth funds, which were concentrated in the metropolitan area, are spreading to the regions. Following South Chungcheong Province, a 'venture fund' will also be established in Busan.
The Ministry of SMEs and Startups held a founding ceremony for the 'Busan Innovation Scale-up Venture Fund' at the Busan City Hotel on the 28th and announced that the recruitment of investors for a regional fund focusing on Busan has been completed.
The 2025 regional fund, aimed at revitalizing regional venture investments, will be established with a total of 400 billion won across Gangwon, North Gyeongsang, Busan, and South Chungcheong Province. Following the 'South Chungcheong Corporation Growth Venture Fund,' the 'Busan Innovation Scale-up Venture Fund' will be established as the second fund. A fund in Gangwon and North Gyeongsang is also planned.
The 'Busan Innovation Scale-up Venture Fund' has been formed as a large fund totaling 101.1 billion won, with the government supplying 60 billion won as investment and the city of Busan, Busan Bank, and Industrial Bank of Korea participating as investors.
The 'Busan Corporation Growth Venture Fund' will finalize its investment areas through an operating committee in September and begin its sub-fund investment project in October. There are plans to establish a venture fund worth 200 billion won focused on Busan.
Vice Minister Noh Yong-seok said, "Busan is the second largest city in the country and a hub for marine, logistics, and culture. Thanks to the efforts of the government and the city of Busan, it is now advancing as a major startup city in Asia," adding, "The Ministry of SMEs and Startups will strengthen support to ensure that investment opportunities are provided to ventures and startups in regions, not just in the metropolitan area, through this Busan Innovation Scale-up Venture Fund."