Lotte Ventures helps start-ups make it abroad

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Lotte Ventures helps start-ups make it abroad

Published: 12 Oct. 2021, 17:53

Lotte Ventures Korean logo [LOTTE VENUTURES]

Lotte Ventures, which develops and fosters start-ups, will spend 3 billion won ($1.6 million) to help start-ups enter overseas markets.

Lotte Ventures announced Tuesday that it will spend 500 million won to subsidize start-ups and invest 2.5 billion won in them.

“This program was planned [for Lotte Ventures] to function as a stepping stone for domestic start-ups that find the domestic market to be too small to enter overseas markets in celebration of the 100th anniversary of Lotte founder Shin Kyuk-ho’s birth,” said Lotte Ventures in a statement.

Since last December, Lotte selected 13 start-ups wanting to branch out overseas.

The top three start-ups will receive 100 million won in subsidies and the rest will receive 20 million won subsidies at an award ceremony on Nov. 3.

They will get to meet CEOs of Korean start-ups in Silicon Valley to learn about ways to use investments.

“This program was planned to celebrate the challenge spirit of the founder, who was the first generation of young, global entrepreneurs,” said a spokesperson for Lotte Ventures in a statement. “Lotte Ventures plans to extend the system of fostering start-ups, which was limited to the domestic market, to overseas.”

BY JIN MIN-JI [jin.minji@joongang.co.kr]