On the 5th, the Seoul Metropolitan Government announced that it had finalized the selection of eight fund management companies to establish the 'Seoul Vision 2030 Fund' worth 250 billion won.
The selected fund management companies are ▲ Premier Partners ▲ Company K Partners ▲ Quantum Ventures Korea ▲ Albatross Investment ▲ IM Investment ▲ BNH Investment ▲ We Ventures ▲ Albatross Investment, among others.
The Seoul Vision 2030 Fund is a project promoted by the Seoul Metropolitan Government to discover promising future industries and stimulate the startup ecosystem. The goal is to raise a total of 5 trillion won over four years from 2023 to 2026 by linking the city's investment and the government's fund of funds with private investments.
The selected fund management companies plan to operate funds formed in three areas: artificial intelligence (AI) transformation, bio, and the first step together fund. Among these, the first step together fund focuses on supporting early-stage companies that find it relatively difficult to secure funding.
The Seoul Metropolitan Government plans to invest a total of 30 billion won in these areas and to establish the funds by December 2 for investment. Based on the city's investment, the finally selected management companies proposed to invest more than 200% of the investment in innovative companies based in Seoul and at least 20% in companies that are either housed in or have graduated from Seoul's startup support facilities.
The selected management companies must establish the funds within three months from the date of selection and invest in venture corporations.
Joo Yong-tae, head of the Seoul Metropolitan Government's Economy Office, said, "We will create a foundation for unicorn corporations to grow in Seoul," adding, "The fund will play a solid role as a catalyst for startups in the AI and bio sectors to jump into the global market."