Woowa Brothers vows to risk operating loss for growth

[THE INVESTOR] Woowa Brothers, the operator of food delivery app Baedal Minjok, said July 13 that the company returned to profit in the first half of this year after suffering an operating loss for two years.The Korean start-up posted 900 million won (US$750,000) operating profit during the half year with its sales coming in at 34.9 billion won. The company attributed the operating profit in the first half to reduced marketing costs and surging orders. In May, the total number of monthly deliver

July 13, 2016

Tencent to hold start-up competition in Korea

[THE INVESTOR] China’s Internet giant Tencent is seeking to nurture competitive Korean start-ups as it plans to hold a global start-up competition event in Korea in the latter half of this year. The company said on July 12 it will hold the event -- the first of its kind -- in four countries, including Korea, China, India and the US. Regional winners will be selected through semifinals to compete for the global championship title. In Korea, three teams will be named to participate in the final co

July 12, 2016

New start-up center to support foreign businesses

[THE INVESTOR] A new start-up center funded by the Seoul Metropolitan Government will help expats grow their businesses by assisting them in developing globally.The Seoul Global Startup Center in Yongsan-gu is the first government-subsidized scheme to provide seed funding mainly for foreigners through an incubation program in Korea. Seoul GSC’s five-month incubation program will provide 10 million won ($8,656) in seed funding to successful applicants.Each team will also receive a 24-hour office

July 11, 2016

Hyosung joins effort to help game start-ups’ China expansion

[THE INVESTOR] Hyosung Group, a South Korean industrial conglomerate, and North Jeolla Province have joined the efforts to help local game start-ups gain a foothold in China. Hyosung Group and four other organizations, including South Jeolla Provincial Office and HN Games, formed a business agreement on July 7 at the Jeonbuk Creative Economy and Innovation Center, the company said. Under the plan, Hyosung plans to invest 1 billion won (US$ 864,650). The company, in partnership with the organizat

July 7, 2016

KT to nurture 20 start-ups this year

[THE INVESTOR] KT, South Korea’s leading telecommunications company, will pour 2 billion won (US$1.7 million) to foster 20 start-ups this year, the company said on July 7. In line with the investment plan, the company held the so-called “speed dating” pitching event, at its headquarters in Seoul on the same day. At the event, start-ups suggest their ideas to attract investment and KT executives choose candidates to receive marketing and financial support on the spot. Among the start-ups selected

July 7, 2016

Yozma hints at US$100m funding for Korean biotech ventures

[THE INVESTOR] Yozma Group chairman Yigal Erlich on June 30 hinted at new funding worth up to US$100 million in Korea’s biotech venture firms. Yozma Group chairman Yigal Erlich　The head of the leading venture capitalist based in Israel was visiting Seoul to attend a conference among bioscience experts and industry officials. Touting Korea’s advanced medical techniques, he showed expectations about the growth potential of the nation’s biotech industry. During his visit, Yozma Group also signed a

June 30, 2016

New tech complex to be built in Ilsan by 2020

[THE INVESTOR] Gyeonggi Province on June 29 announced the construction of a new tech complex, tentatively called “North Gyeonggi Techno Valley,” in Ilsan, Goyang City, to attract some 1,900 tech companies from 2020. The new facility is the fourth of its kind to be built in the province, following two in Pangyo and one in Gwanggyo. “The Pangyo Techno Valley has exceeded 70 trillion won (US$60 billion) in revenue last year with some 72,000 jobs being created. Its success story will be revived at t

June 29, 2016

China Unicom to invest in Korean start-ups

[THE INVESTOR] Network operator SK Telecom said June 29 that a leading Chinese telecommunications firm has decided to invest in two Korean start-ups, which had participated in a start-up program run by the Korean telecom firm.SKT said the two start-ups -- Wisejet and Ezbelle -- have secured 900 million won ($769,500) of funding, respectively, from China Unicom, the second largest telecom firm in China. Jang Dong-hyun(second from left), the chief executive of SK Telecom, looks at products made by

June 29, 2016