Tel Aviv [Israel], In a boost to bilateral relations, South Korea on Wednesday selected OurCrowd, Israel's most active venture investor, to co-manage what will become an $80 million fund for DeepTech investments .
The fund, known as NH-OC Global Open Innovation Fund, will focus on investing in approximately 25 to 30 startups. These startups will come from core technology sectors, including semiconductors, robotics, automotive, quantum computing, cybersecurity, digital health, and more. This initiative aims to create a synergistic relationship between Israeli innovation and South Korean industrial prowess.
So far, Korean partners NH Venture Investment and K-Growth have raised $48 million. Jerusalem-based OurCrowd is currently in the process of raising the remaining funds from its network of more than 240,000 registered investors worldwide.
"The establishment of the Israel-Korea bilateral fund with the backing of the South Korean government is wonderful news for Israeli high-tech," said OurCrowd CEO Jon Medved.
"South Korea is looking to Israeli innovation to establish its position in the industries of the future it strives to lead towards the end of the decade and beyond. In addition to the fund's investments, Israeli DeepTech companies will receive direct access to the South Korean industrial sector . venture capital, entrepreneurs and family offices, which will accelerate their access to foreign technological innovation ecosystems and much-needed capital," he explained.
K-Growth, an agency under the Korean Ministry of Trade, Industry and Energy (MOTIE), has committed $32 million to the fund. It is one of the largest financial agencies in Korea and plays an important role in managing the government's strategic investment funds. The commitment marks one of K-Growth's largest international fund investments to date.
NH Venture Investment, the venture arm of NongHyup Financial Group, has contributed $16 million to the fund. NongHyup Financial Group is among the top five financial groups in South Korea, with assets exceeding $400 billion.
"K-Growth has established this fund to support the global expansion of Korean companies through open innovations with global high-tech companies, such as innovative Israeli companies. We hope to find Israeli innovation through OurCrowd's extensive Israeli and global network , to collaborate with top Korean technology startups to grow together through this fund," said NH Venture Investment CEO Kim Hyun Jin.
The fund, known as NH-OC Global Open Innovation Fund, will focus on investing in approximately 25 to 30 startups. These startups will come from core technology sectors, including semiconductors, robotics, automotive, quantum computing, cybersecurity, digital health, and more. This initiative aims to create a synergistic relationship between Israeli innovation and South Korean industrial prowess.
So far, Korean partners NH Venture Investment and K-Growth have raised $48 million. Jerusalem-based OurCrowd is currently in the process of raising the remaining funds from its network of more than 240,000 registered investors worldwide.
"The establishment of the Israel-Korea bilateral fund with the backing of the South Korean government is wonderful news for Israeli high-tech," said OurCrowd CEO Jon Medved.
"South Korea is looking to Israeli innovation to establish its position in the industries of the future it strives to lead towards the end of the decade and beyond. In addition to the fund's investments, Israeli DeepTech companies will receive direct access to the South Korean industrial sector . venture capital, entrepreneurs and family offices, which will accelerate their access to foreign technological innovation ecosystems and much-needed capital," he explained.
K-Growth, an agency under the Korean Ministry of Trade, Industry and Energy (MOTIE), has committed $32 million to the fund. It is one of the largest financial agencies in Korea and plays an important role in managing the government's strategic investment funds. The commitment marks one of K-Growth's largest international fund investments to date.
NH Venture Investment, the venture arm of NongHyup Financial Group, has contributed $16 million to the fund. NongHyup Financial Group is among the top five financial groups in South Korea, with assets exceeding $400 billion.
"K-Growth has established this fund to support the global expansion of Korean companies through open innovations with global high-tech companies, such as innovative Israeli companies. We hope to find Israeli innovation through OurCrowd's extensive Israeli and global network , to collaborate with top Korean technology startups to grow together through this fund," said NH Venture Investment CEO Kim Hyun Jin.
