Naver has confirmed late that it withdrew from the world's largest startup campus, the 'Station F' in France, which it had entered in 2017. The company stated that it stopped supporting Station F to reorganize its investment strategy in European startups. This is interpreted as Naver focusing on North American startups, where investment and talent are concentrated, instead of Europe, where IT industry regulations are intensifying.
According to the IT industry on the 18th, Naver exited from Station F in Paris, France, at the end of last year. Opened in 2017, 'Station F' has an area of 34,000 square meters (approximately 10,285 pyeong), which is 15 times that of Yeouido Park in Seoul. There are over 3,000 workspaces, and the number of tenant corporations was reported to be over 1,000 by the end of last year. In Korea, global startup hubs were created in Hongdae, Seoul, and Busan Port, inspired by Station F.
Naver participated in Station F alongside its then-subsidiary Line during the opening. The 'Space Green' built by Naver at Station F was the largest among the participating corporations, with 80 seats. Han Seong-suk, a candidate for Minister of Small and Medium Enterprises and Startups and a former CEO of Naver, noted the significance of joining Station F, stating, "Europe is an important market that attracts global internet companies based on a high internet usage rate and various startup nurturing policies."
According to Naver, over 70 startups participated in the Space Green program since its opening. Among the programs at Station F, the only company that has reached the status of a unicorn (a private company valued at over $1 billion) with the support of Space Green is 'Hugging Face.' In 2023, 6 companies that participated in Space Green were selected for the Future40, which recognizes the top 40 companies that achieved the best performance at Station F.
Currently, as the European Union (EU) has begun regulations on the IT industry, including the AI Act, the growth potential of new companies has become uncertain, prompting Naver to seek new overseas investment strategies. The EU AI Act, which came into effect on Aug. 1 last year, regulates AI systems throughout their lifecycle based on risk levels.
Additionally, as global IT talent is flocking to the United States, Naver is recently focusing its investment efforts on North American startups rather than Europe. Lee Hae-jin, the chairman, has been concentrating on nurturing startups based in Silicon Valley since his return to management in March after seven years. Naver Ventures, established in June, supports diverse startups from various nationalities and sectors in Silicon Valley.
Naver stated, "We have reached a stage where we need to explore a new direction in supporting the European startup ecosystem," adding, "We are concluding the first phase of activities with European startups, such as the termination of Station F, and will continue to engage in new stage activities through investment and support for startups that are in the growth stage rather than the initial stage."