South Korea’s Ministry of SMEs and Startups (MSS) has announced the establishment of a $200 million (KRW 292.6 billion) global fund in partnership with three U.S.-based venture capital firms—Third Prime Capital, Patron Management, and ACVC Partners. As part of the agreement, the VCs are required to invest at least $30 million into Korean startups.
MSS Minister Oh Youngju traveled to San Francisco to attend the official Global Fund Launch Ceremony with the three VC partners, all of which specialize in deep-tech investments.
The Global Fund initiative is part of a broader strategy by the MSS and the Korea Venture Investment Corp. (KVIC) to strengthen Korea’s startup ecosystem through international collaboration. Over the past year, the Ministry of Trade, Industry and Energy, together with KVIC, has appointed 15 global VC firms as fund managers and committed KRW 150 billion (approximately $110 million) in investments. To date, the Global Fund program has supported 73 venture funds, channeling more than KRW 1.3 trillion into Korean startups.
As a follow-up to the fund’s launch, MSS and KVIC also signed a memorandum of understanding (MOU) with the United Founders of Korea (UFK), a U.S.-based network of Korean-American entrepreneurs and investors. Formed in August 2024, UFK has grown to include around 1,500 members and aims to support Korean startups seeking entry into the U.S. market. The partnership is expected to strengthen cross-border collaboration and provide Korean startups with greater access to global capital and networks.
