The Gyeonggi Center for Creative Economy and Innovation (hereinafter referred to as the Gyeonggi CCEI) recently signed a business agreement with the new VC Philosophia Ventures Co., Ltd. to discover and invest in startups.
Through this agreement, the two companies are expected to jointly invest in start-ups and take care of follow-up management.
After investing in promising startups, the Gyeonggi CCEI is planning to provide various follow-up support such as ▲ commercialization fund support and linkage (including TIPS program) ▲ reviewing provision of office space in Pangyo to startups ▲ linkage of direct and indirect investment with the Gyeonggi CCEI and Philosophia Ventures.
Philosophia Ventures is a new domestic VC established in 2022. Focusing on the start-up team from the seed stage to series A stage, the company discovers, invests, and nurtures start-ups in various industries such as crypto and Metaverse B2B SaaS, healthcare, logistics, education IT, commerce, and AI.
An official from the investment team at the Gyeonggi CCEI said, “With this agreement, we will actively support startups’ investment attraction together with VCs.” He added, "We will actively match start-ups with investors from the early stage of their business, and help them continue to attract follow-up investment."
The Gyeonggi CCEI invested in 25 early-stage companies this year, and two of the target companies were recommended and selected for TIPS program. It plans make a Fund of Funds in the second half of 2022, and is expected to discover, invest, and nurture more startups next year.
Source: Pangyo Techno Valley Official Newsroom