Smilegate to support small companies with $10 million of funding
![Smilegate signed an agreement with the Korea Foundation for Cooperation of Large&Small Business, Rural Affairs, to contribute 13 billion won ($10 million) to co-establish a fund for smaller companies. At left is Smilegate CEO Seong Jun-ho and at right, Kim Young-hwan, secretary general of the cooperation foundation. [SMILEGATE]](https://koreajoongangdaily.joins.com/data/photo/2022/12/15/1572620a-0789-4187-b459-bdb7c3aa2872.jpg)
Smilegate signed an agreement with the Korea Foundation for Cooperation of Large&Small Business, Rural Affairs, to contribute 13 billion won ($10 million) to co-establish a fund for smaller companies. At left is Smilegate CEO Seong Jun-ho and at right, Kim Young-hwan, secretary general of the cooperation foundation. [SMILEGATE]
Smilegate will contribute 13 billion won ($10 million) to co-establish a fund for smaller companies with the Korea Foundation for Cooperation of Large&Small Business, Rural Affairs, the game company said Thursday.
It is the first game company to establish the Large&Small Business Win-Win Cooperation Fund, according to Smilegate. Smilegate is known for the Lost Ark massively multiplayer online roleplaying game (MMORPG) and Crossfire shooting game franchise.
The win-win fund will be managed by the game publisher within the guidelines set by the cooperation foundation. Smilegate will spend the money to form a safe environment for creators and venture founders, the company said.
Smilegate will also work with its Stove subsidiary, a company dedicated to nurturing indie game developers, to look for promising story makers in film, drama and webtoons.
“We hope our contribution becomes a stepping stone for aspiring creators to grow on and early-stage start-ups to make their jump into the global scene,” said Smilegate CEO Seong Jun-ho.
BY YOON SO-YEON [yoon.soyeon@joongang.co.kr]
with the Korea JoongAng Daily
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