Investment platform OurCrowd has been selected by the South Korean government to co-manage a bilateral investment fund that will invest in startups in both South Korea and Israel. The fund’s target is $80 million, $48 million of which has already been raised by the Korean partners of the fund: NH Venture Investment and K-Growth. OurCrowd is currently raising funds from its registered investors worldwide.
The partners say that the bilateral fund will invest in 25-30 startups in both countries that focus on core technology sectors, such as semiconductors, robotics, automotive, quantum computing, cybersecurity, digital health, and more.
The fund is backed by Korea Growth Investment Corporation (K-Growth), an agency of the Korean government that invests policy funds to achieve strategic objectives, on behalf of the Korean Ministry of Trade Industry and Energy (MOTIE). The fund is jointly managed by NH Venture Investment and OurCrowd General Partner as co-general partners.
K-Growth has committed $32 million to the fund, while NH Venture Investment and its affiliate companies have committed $16 million.
OurCrowd CEO Jon Medved said, "The establishment of the Israel-Korea bilateral fund with the backing of the South Korean government is wonderful news for Israeli high-tech. South Korea is looking at Israeli innovation to establish its position in the industries of the future that it strives to lead by the end of the decade and beyond. Therefore, apart from the fund's investments, Israeli DeepTech companies will receive direct access to the South Korean industrial giants and will be able to forge collaborations on a global scale, including in the Asia-Pacific markets.
"South Korean startups on the other hand will benefit by exposure to Israel’s deep global connections to leading venture capital investors, entrepreneurs and family offices which will accelerate their access to foreign tech innovation ecosystems and much needed capital."
Published by Globes, Israel business news - en.globes.co.il - on June 27, 2024.
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