#Asia SK Group launches US$25M fund to support tech startups in agriculture, fisheries


This fund is targetted at venture firms and young entrepreneurs in the Daejeon and Sejong areas, says a report

Image Credit: Fill Art / Unsplash

Image Credit: Fill Art / Unsplash

South Korean conglomerate SK Group, which owns SK Telecom, has raised a KRW 30 billion (about US$25 million) fund that aims to support tech startups in the fields of agriculture and fisheries.

According to The Korea Herald, the fund is targetted at “venture firms and young entrepreneurs” in the Daejeon and Sejong areas in South Korea.

The firm had opened the Creative Economy Centre in Daejeon in October 2014 to help tech startups in the country, reported The Korea Times. The centre serves as an incubation unit where early-stage startups can go for financing and other resources such as mentors and useful information.

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To date, the firm has allocated a total of KRW 75 billion (about US$63 million) for its startup initiatives. Not only will SK Group be financing startups in various sectors, companies under its umbrella will also be helping startups with technology and business issues, says the same report.

Earlier this month, SK Group was said to be looking to partner with Middle Eastern startups to help the mega-corporation enter the region. It also held a competition to find Korean startups that wish to expand into the Middle East.

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