Korean fund manager, SG’s Temasek said to partner for $213m startup fund

Photo: Bloomberg

South Korea and Singapore are setting up a $213.2-million fund to invest in startups looking to enter the two markets, according to a report by The Korea Herald.

The fund will be backed by the state-backed funds of both countries — Korea Venture Investment Corp (KVIC) and Temasek – who will also act as limited partners. The manager of the fund is yet to be confirmed.

The size of the fund may expand depending on the volume of Temasek’s investment, while KVIC’s investment is fixed at 95 billion won and will not exceed 40 per cent of the fund. Temasek is said to be investing at least half of the pledged amount.

The fund will be created within six months and operate for 10 years. The move comes one month after a memorandum of understanding (MOU) was signed to boost cooperation between small enterprises and startups from the two nations.

In July, South Korean President Moon Jae-in made a state visit to Singapore where he urged for closer cooperation with ASEAN nations.

This is not the first time the two countries have set up a fund together.

In 2015, KVIC partnered Singapore-based Adval Capital to set up a $40-million fund to help small and medium-sized enterprises and startups expand into the two markets. The investment went into a number of South Korean and Singaporean startups in the fields of technology and digital content.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.