Woori Group creates 100 billion won fund to invest in start-ups

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Woori Group creates 100 billion won fund to invest in start-ups

Woori Financial Group launched a fund to invest 100 billion won ($85.3 million) in promising start-ups, the financial group said on Wednesday.

Created in the form of a “fund of funds,” the 100 billion won will serve as an umbrella fund aimed at attracting 1 trillion won through multiple sub-funds.

The group said that Kiwoom Securities and Korea Investment & Securities will join the fund as investors.

Woori plans to create two more funds through 2021. The fund will be invested in some 500 up-and-coming tech-focused companies annually.

Woori Private Equity Asset Management, a private equity affiliate of Woori, will act as both manager and investor.

By Park Eun-jee

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