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Vertex Growth secures US$15m funding from Korea Venture Investment Corp

21 Jun 2021 | BY YONG JUN YUAN, THE BUSINESS TIMES

SINGAPORE-BASED growth-stage technology fund Vertex Growth Fund has raised US$15 million from Korea Venture Investment Corporation's (KVIC) Foreign Venture Capital (VC) Investment Fund.

Anchored by Vertex Venture Holdings, the Singapore-based VC arm of investment firm Temasek Holdings, the fund said on Monday that it is "committed to invest in South Korea's startup ecosystem, especially in Korea-based companies and foreign businesses owned by Korean founders" with its second fund.

By partnering the South Korean government's KVIC, Vertex Growth aims to expand its presence in South Korea by partnering key players of the Korean VC market and investing in Korean startups as they expand globally.

Chairman of Vertex Growth Chua Kee Lock said: "With a strong focus on value creation beyond capital deployment, Vertex Growth is confident to write a new success story in the Korean startup landscape, and build a new breed of disruptive and resilient businesses," he said.'

Similarly, KVIC regional director Lee Mingu said that there is room for both funds to collaborate in strengthening entrepreneurial excellence within South Korea.

"Together, we see making a difference in the local startup ecosystem, and positioning Korea firmly on the global stage of innovation and technological advancement," Mr Lee said.

In recent years, Vertex Growth has ventured into North-east Asia starting with Japan. The fund said that it hopes to replicate its successful model of partnership-building in South Korea with the injection of funds.

The fund has identified smart manufacturing, ICT (infocomm technology) and tech-enabled services such as fintech as sectors of interest in South Korea.

"South Korea has a leading innovation ecosystem globally, powered by its tech talent base and a vibrant entrepreneurial culture," the fund said, adding that the nation's forward-looking policies and evolved private sector makes it well-poised to become "a growth engine for next-generation digital technologies".

ARTICLE BY THE BUSINESS TIMES

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