Foundation behind Korea's largest startup incubator celebrates 10th anniversary
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The fund celebrating its 10th anniversary in May was launched by 19 financial institutions with a fund of 845 billion won.
It established D.CAMP, the nation’s first startup incubation in 2013 in Gangnam, and opened the nation’s largest start-up support center Front1 in Mapo in 2020 to discover and support promising startups.
It invested 570.78 billion won over the past 10 years, adding 109,000 new jobs and creating an economic value amounting to 28.2 trillion won.
By the end of last year, 2,868 companies including nine out of 18 of the country’s unicorn companies such as the nation’s top food delivery app Baedal Minjok, neighborhood marketplace app Danggeun Market, and leading real estate information service app Jikbang received indirect investments.
For the past decade, the foundation has invested 18.6 billion won directly in 144 companies and enabled them to grow without worry of immediate return.
The foundation is planning to invest 4 billion won in 25 early-stage startups this year.
The startups that will receive direct investments are selected through D.Day, a major startup demo day event organized by D.CAMP that was held a total of 92 times since it first launched in June 2013.
Former participants of D.Day such as Coptiq, Algocare, N.THING, and Wayne Hills Ventures received Innovation Awards at the International Consumer Electronics Show (CES) 2022.
The Banks Foundation for Young Entrepreneurs is also currently running various partnership programs with the United Nations lndustrial Development Organization (UNIDO) and the World Bank to help startups further grow their businesses and collaborate with foreign companies.
“Our goal for the next 10 years is to help domestic startups find reliable companies in foreign countries to partner with to minimize the time and funds it takes to adapt to foreign markets,” said Kim Young-duk, the executive director of Banks Foundation for Young Entrepreneurs.
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