The Ministry of SMEs and Startups of South Korea, under the leadership of Minister Oh Young-joo, has taken a significant leap toward globalizing the nation’s innovation ecosystem with a series of key initiatives launched in San Francisco. On April 15, the Ministry held the back-to-back events include ‘Global Fund Formation Ceremony’, the ‘United Korean Founders (UKF)–Korea Venture Investment MOU Signing Ceremony’, and the ‘Northern California SME Support Council’ meeting at the Korean Consulate General in San Francisco.
$200 Million Global Fund to Back Korean Deep Tech Startups
The headline initiative was the formation of a new $200 million global fund, backed by three prominent U.S. venture capital firms—Patron Management, Third Prime Capital, and ACVC Partners. At least $30 million of the fund has been earmarked specifically for Korean startups, with a focus on deep tech sectors such as artificial intelligence (AI) and robotics.
Brian Cho, CEO of Patron Management, remarked during the ceremony, “Korean startups possess strong technical capabilities and global competitiveness, especially in frontier technologies. We’re seeing some very promising companies worth backing.”
As of February 2025, South Korea has launched 73 global funds totaling approximately 12 trillion KRW (USD 8.4 billion), of which 4.8 trillion KRW (USD 3.3 billion) comes from 36 U.S.-related funds alone. These funds have already invested over 1.3 trillion KRW (USD 916 million) in 642 Korean companies, marking significant momentum in global capital engagement.
UKF and Korea Venture Investment Ink MOU for U.S. Expansion
In a parallel development, a Memorandum of Understanding (MOU) was signed between Korea Venture Investment Corp. and the United Korean Federation (UKF)—a growing network of over 1,500 Korean-American investors and startup founders. UKF, established in August 2024, serves as a critical platform connecting Korean entrepreneurs with U.S. markets through its flagship UKF 82 Startup Summits, held biannually in Silicon Valley and New York.
The MOU outlines joint efforts to accelerate the entry of Korean ventures into the U.S. and foster collaboration between Korean and American investors. It was signed by UKF Director Kim Gwang-rok and Korea Venture Investment Vice President Shin Sang-han.
Supporting Global Scale-Up via K-Global Star Program
The Ministry also announced plans to integrate this initiative with the K-Global Star Program, further leveraging the UKF summit as a launchpad for Korean startups seeking U.S. market access. Minister Oh emphasized Korea’s global tech credibility, noting the 151 Korean companies that earned 208 innovation awards at CES 2025, and reaffirmed the Ministry’s commitment to raising 1 trillion KRW (USD 704 million) in global investment annually.
“The government will continue expanding global investment channels and link Korean startups with influential networks such as UKF to enable a successful global scale-up,” Minister Oh said.
Localized Support in Northern California
Wrapping up the event, the Northern California SME Support Council convened to discuss strategies and challenges for Korean startups in the Bay Area. The Council, created through a joint initiative between the Ministry of SMEs and Startups and the Ministry of Foreign Affairs, has been hosting quarterly meetings since April 2024.
To date, it has resolved 14 company issues and delivered 49 pieces of localized support information, reinforcing its role as a vital bridge for Korean SMEs entering the San Francisco market.
This latest meeting welcomed Korean startups already operating in the U.S., offering a platform for peer learning, market insight sharing, and network building.
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