Lotte, KDB create W62.7B start-up innovation fund
Published: 30 Sep. 2019, 20:29
Eight Lotte affiliates, including Lotte Shopping, Lotte Duty Free and Lotte GRS, took part in the fund creation that will be managed by Lotte Accelerator, the conglomerate’s start-up investment arm.
Lotte hopes to discover promising start-ups engaged in retail platforms, distribution and online to offline businesses.
It marks the first time for Lotte Accelerator has jointly operated a fund with an external investor. It is also the largest fund since the investment arm was established in 2016, according to Lotte.
Lotte Accelerator now operates funds worth a total of 100 billion won.
While it previously invested in start-ups that are in the initial phase of development, Lotte Accelerator said it will now expand its investment to start-ups that have entered the growth phase.
“We hope to actively discover and invest in start-ups to raise successful cases of open innovation through this fund,” said Lotte Accelerator CEO Rhee Jin-sung.
Lotte Accelerator’s programs include L-Camp, where start-ups receive between 20 million won and 50 million won.
By Jin Min-ji
with the Korea JoongAng Daily
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