Investment in start-ups hit record high in 2020

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Investment in start-ups hit record high in 2020

The total amount of investment in start-ups reached a record high last year amid hopes of lucrative returns and policy backup, government data showed Thursday.
A total of 6.6 trillion won ($6 billion) was invested in start-ups in 2020, up 54.8 percent from a year ago, according to the data from the Ministry of SMEs and Startups.
Private investors poured 4.3 trillion won into the venture funds, and the public sector injected 2.2 trillion won into the sector, the ministry said.
The number of venture funds also jumped 21.1 percent on year to 206 last year, and 15 of them had assets over 100 billion won, it said.
The combined assets of the top 10 venture funds accounted for 33.6 percent of the total.
The growth in start-up investment is in line with the government's push to develop new growth engines and support smaller firms in parts, materials and equipment for high-tech industries.
The government launched the SMEs and Startups Ministry in 2017 and has stressed the need for innovation-led growth.
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