SEOUL, South Korea, Aug. 26, 2016 /PRNewswire/ -- K-ICT Born2Global Centre (Born2Global), a major Korean government agency under the Ministry of Science, ICT and Future Planning (MSIP), records about US$29,090,000 in Korean startup investment for first half of the year, up 171 percent compared to the same period last year.
Since opening its doors in September 2013, Born2Global has helped its startups to secure a total of US$145,987,000 as of June in investment-linked funds. By providing overseas consulting services on foreign law, patents, accounting, and marketing systems and organizing demo days in Korea and countries overseas, it has supported its startups in gaining 78 counts of investment, both direct and indirect.
From this month until December, it will be touring several countries (starting with Los Angeles in the U.S. and continuing on to China, Japan, and others) to host startup IR demo days and road shows for its startups. This month, Born2Global will begin operating a five-month startup training program composed of three modules -- sales, marketing, and investment attraction and investor relations.
A leader of vertical growth for startups
Within just three months of moving to the Pangyo Startup Campus in March 2016 and designating 50 startups to receive support, Born2Global managed to promote astonishing growth among the Pangyo-based startups. Driving this growth was the incredible synergy effect created through the combination of Born2Global's comprehensive platform for entering foreign markets with the "young entrepreneur" culture -- one aspect of the current creative economy strategy.
In the first half of 2016, 12 startups including Bagel Labs and double H received support from Born2Global, and most of these companies are still housed within the Pangyo Startup Campus. The investments these companies secured came from not only major domestic investment companies such as L&S Venture Capital and Kolon Innobase, but also from foreign companies such as China's DT Capital, Japan's Rakuten Ventures, and Y-Combinator in the U.S.
Also noteworthy are the outcomes of private investments received from the general public through crowdfunding channels. Bagel Labs, a member of Born2Global carried out crowd funding with Bagel, a smart measuring tape for 35 days and accomplished funding at the highest level in Korea. The results are 4,500% of the original goal and rank with the top 0.4% in the world. The funding reached US$30,000 in 15 hours since its start and attracted funding from a total of 10,766 supporters around the world after the end of the funding. Bagel Labs successfully raised funds of US$1,350,000. Bagel is a measuring tape that enables its user to measure his or her body sizes and to manage and utilize data conveniently. Bagel built an online business platform by utilizing data from the use of the smart measuring tape.
JD SOUND, a sound equipment company, also amassed far more 265 percent than its original goal in May through Makuake, Japan's largest crowdfunding platform, accumulating approximately US$511,000.
"Born2Global's one stop platform which provides services such as foundation, growth, and entrance into foreign markets has resulted in visible success and growth of the startups," said Jong Kap Kim, Chief Executive Director of Born2Global said. Kim added, "Such efforts will be doubled in synergy through the Korean government's Korean startup ecosystem policy."
Of particular interest to global venture capitalists is the ease with which the rapidly-growing number of startups can expand overseas through networks set up with foreign accelerators and Korea Innovation Centers branches abroad.
That's the most profound promise of the Korean Silicon Valley to the world: offering global venture capitalists the opportunity to sit down to a banquet of investment opportunities.
Interested companies can contact via the email ([email protected]).
Contact Person: Jina Lee
Email: [email protected]
SOURCE K-ICT Born2Global Centre