German food tech startup Koralo wins the coveted ‘2022 K-Startup Grand Challenge’ as the best foreign startup team this year. Launched in 2016, the K-Startup Grand Challenge(KSGC) 2022 is Korea’s ace accelerator program that supports excellent foreign technology entrepreneurs to start and settle in South Korea.
A total of 2,653 teams from 122 countries worldwide had applied for this year’s ‘K-Startup Grand Challenge,’ recording a competition rate of 52:1, the highest ever. 51 startup teams were selected through screening and auditions to enter Korea in July. The 51 teams prepared for the Demo Day at the Pangyo Startup Campus for 15 weeks from August under the care of domestic startup planners.
This final selected startup teams presented their products, services and business plans on the Demo Day held for three days from November 9 to 11. The top 30 teams were selected for the final round and have been provided with additional settlement support for 15 weeks. In particular, a total of $320,000 in prize money is given to teams from 1st to 10th, and a prize of $120,000 is given to the top team.
Team Koralo from Germany took first place this year, receiving a cash prize of $120,000 at the awards ceremony. Koralo is a German food tech startup that produces and develops microalga-based vegan fish. The founders of Koralo are Dr. Guido Albanese and Sina Albanese. The startup drew favorable reviews from domestic and foreign judges at the Demo Day. “We were able to settle down in Korea easily by receiving practical support from the government, such as visas and settlement subsidies. Participating in the K-Startup Grand Challenge was a great business experience,” said the Koralo team in its award acceptance speech.
The second place to receive $70,000 in prize money went to Singapore’s myFirst, which introduced children’s smart device and management solutions. America’s Nao Now team took third place for its online English learning platform connecting Korean and American college students.
The top 30 teams, including ten that received prize money, will receive additional support for 12.25 million won in settlement support for about 15 weeks. In addition, additional childcare and networking for domestic startup planners and office space at the Pangyo Startup Campus or Seoul/Daejeon Tips Town will be provided by the first half of next year to help the startups advance their business model.
Also Read,
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- K-Startup Grand Challenge: The program that makes South Korea ‘a gateway’ to doing business in Asia
- K-Startup Grand Challenge 2022 edition expects wider participation as it invites global startups
- K-Startup Grand Challenge 2022: Startups grow your business in the world’s most tech-savvy country South Korea
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