The Korea Incheon Creative Economy Innovation Center (Incheon CCEI) announced that it has established an investment fund totaling KRW 3 billion, further strengthening its support for the growth of promising startups.

In collaboration with accelerators Newborn Ventures and CNTTECH, Incheon CCEI has established two funds: the ‘Incheon CCEI-Newborn Investment Fund No. 1’ and the ‘Incheon CCEI-CNTTECH No. 1 Private Investment Fund.’ Leading the formation of these funds, Incheon CCEI will take on the role of the executive managing member, overseeing the fund management.

The investment funds created by Incheon CCEI are designed to support early-stage startups with outstanding technological capabilities. The focus will be not only on tech-based startups but also on those utilizing Fourth Industrial Revolution technologies such as big data, AI, and healthcare, which have been identified by Incheon CCEI.

The funded startups will benefit from programs linked to BiiG WAVE IR, Incheon’s premier platform for investment attraction, in addition to the TIPS program. Moreover, these companies will receive support for their global expansion efforts.

Together with Incheon CCEI, Newborn Ventures and CNTTECH will aid in the growth of promising startups through expert consultancy services, including scale-up consulting and IR advisory, as part of their support programs.

Lee Han-seop, the director of Incheon CCEI, expressed, “The establishment of this investment fund and our direct investment initiative will enhance Incheon CCEI’s tailored support system for startups. This system spans from the discovery and development of startup companies to facilitating follow-on investments and assisting with global market entry.”

Furthermore, Incheon CCEI, in partnership with the city of Incheon, launched the ‘BiiG WAVE‘ project in 2021 aimed at attracting startup investments. This initiative has led to the discovery of 59 promising companies to date, securing KRW 129.2 billion in follow-on investments. Additionally, the operation of the KRW 600 billion Incheon BiiG WAVE mother fund plays a pivotal role in connecting investors with startups across the nation.