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Ulsan launches 50 billion won regional growth fund to accelerate startup-city drive
🇰🇷 South Korea /Technology

Ulsan launches 50 billion won regional growth fund to accelerate startup-city drive

From Chosun Ilbo · () Korean

Translated from Korean and summarized by DistantNews. Read the original for the full story.

At a glance

News Official statement New plan
  • The Ulsan Future Growth Fund has begun operating after raising 50 billion won for investment in companies based in Ulsan.
  • The fund follows a similar regional growth fund launched in North Jeolla Province this year.

Ulsan has launched a 50 billion won regional fund aimed at channeling venture investment into companies in the city.

The Ministry of SMEs and Startups said the Ulsan Future Growth Fund completed its fundraising at a formation ceremony held at the Ulsan Jongha Innovation Center on the first day of the month. The fund has now entered full operation.

It is the second regional growth fund established this year, following the launch of one in North Jeolla Province. The fund is built on 35 billion won in contributions from the national fund of funds, with Ulsan Metropolitan City, HD Hyundai Heavy Industries, Korea Zinc and Kyongnam Bank among the investors named in the report.

About this summary

Originally published by Chosun Ilbo in Korean. Translated, summarized, and contextualized automatically by DistantNews, with a note on how the source frames the story. Not individually reviewed before publishing. How this works.

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