Gobi-backed YouthsToday gets $33,719 grant at Korean startup challenge

K-Startup Grand Challenge

Malaysia startup YouthsToday.com has bagged $33,719 (MYR150,000) in grants and investments at the K-Startup Grand Challenge — an acceleration program for foreign startups by the Korean government.

The local startup, which is a portfolio company of venture capital firm Gobi Partners, connects students to corporate sponsors for events. Valued at more than $1 million, they are now on 20 Korean university campuses, working with tens of thousands of students.

The startup is among the 20 startups to receive such grants from the Korean government’s programme.

The top 20 teams come from 10 countries and represent industries ranging from custom cosmetics to advanced online security, biotech and IoT, YouthsToday said in an announcement recently.

“These startups will receive the support they need to continue their time in Korea, with free office space for another six months, approximately $30,000 each in additional government grants, and further investments from VCs and other investors,” it added.

These benefits follow the initial advantages received by the teams during the initial acceleration period, which included a contribution of roughly $4,100 per month, office space and professional support.

“This was our first acceleration program bringing international startups to Korea and it’s been an incredible success from start to finish,” said Director from the Ministry of Science, ICT and Future Planning Dr Ahn.

Among the local accelerators involved in the programme were Shift, SparkLabs, DEV Korea, and ActnerLab. Each took charge of 10 startups, providing mentoring, networking, and other support.

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