Korean Ministry of SMEs and Startups hosted the ‘Korea-Japan Venture and Startup Investment Summit 2024‘ at Tokyo’s Toranomon Hills Mori Tower on May 10, marking a significant milestone in bilateral cooperation between the two countries’ startup ecosystems.
The event, attended by over 150 individuals including Minister Oh Young-joo, Director of Agosimpei from Japan’s Ministry of Economy, Trade and Industry, venture capitalists, and startups from both nations, was structured into three segments: a Korea-Japan investment cooperation event, a startup investment attraction presentation (IR), and a corporate venture capital (CVC) summit.
Strengthening Bilateral Startup Collaboration
In her opening speech, Minister Oh Young-joo highlighted the inauguration of the first joint fund between Korea and Japan, signifying a new era of collaboration. Minister Oh Young-joo said, “Today’s event marks the beginning of a new era of cooperation between the startup ecosystems of Korea and Japan, including the launch of the first joint venture fund in which the two governments participate and the promise of exchanges and cooperation between private CVC cooperatives and organizations.”
The joint fund, totaling $100 million (KRW 138 billion), is a landmark initiative involving contributions from the Korea Fund of Funds, Japan’s Industrial Innovation Investment Corporation (JIC), and private investors. Notably, the fund aims to invest a minimum of $5 million in Korean companies, serving as a conduit for fostering cooperation in venture investment policies and providing local investor networks for Korean startups seeking to enter Japan’s market.
Startup Programs, Summits and More
Furthermore, during the investment cooperation event, the Ministry unveiled the “K Global Star” program, designed to introduce Korean startups to foreign investors. This comprehensive initiative offers support at each stage of investment attraction, including preparatory assistance, local investor relations (IR), and legal counsel. It also features innovative policy packages such as global tips and technology guarantees. The program’s inaugural event in Japan is part of a broader plan to hold similar gatherings worldwide, with future iterations scheduled for regions like the United States, Asia, Europe, and non-metropolitan areas of Korea.
Additionally, a memorandum of understanding (MOU) was signed between the ‘Korea CVC Council‘ and ‘Japan FIRST CVC,‘ facilitating future collaborations between CVC associations of both countries. This agreement paves the way for joint initiatives like cooperative organization exchanges, joint IR events, and support for startups aiming to expand into Korea and Japan.
During the startup IR event, 12 carefully selected companies (6 Korean and 6 Japanese) presented their investment propositions to an audience of investors from both nations. Notably, the startups participating from Korea are the first beneficiaries of the “K Global Star” program, showcasing deep-tech innovations such as AI. Investment consultations ensued after the presentations, allowing individual companies to engage with venture capitalists at dedicated booths.
Concluding the summit, the Korea-Japan CVC Summit convened over 80 representatives from CVC organizations and venture capitalists to discuss investment cooperation and foster mutual collaboration. Minister Oh Young-joo expressed satisfaction with the event’s outcome, highlighting the keen interest shown by Japanese investors in the technological prowess of Korean startups. He reaffirmed the Ministry’s commitment to supporting Startup Korea’s realization by actively facilitating global investment opportunities for Korean startups through initiatives like the ‘K Global Star’ program, which annually raises over KRW 1 trillion (USD 7.2 billion) for global funding efforts.
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