KDB partners to prop up venture firms
Published : Oct 19, 2017 - 16:25
Updated : Oct 19, 2017 - 16:25
Korea Development Bank Chairman Lee Dong-gull (left) attends a signing ceremony in Seoul on Thursday with Korea Venture Business Association to work together in supporting venture companies. (KDB)
In addition, the nation’s largest state-run bank will seek ways to stimulate the emergence of local unicorns, or startups valued at over $1 billion, and ramp up investor relations programs for local startups.
KDB called the partnership an acceleration of the government’s “fourth industrial revolution” drive in a Thursday release.
This marks a step forward from KDB’s operation of “KDB Next Round,” an investor relations program normally held twice a week.
Through KDB Next Round launched in August 2016, 48 venture firms had received a combined 145.8 billion won ($128.8 million) worth of investments through September, according to KDB. Nearly one-fifth of the investments came from the state-run bank, it added.
By Son Ji-hyoung
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