South Korean start-ups and venture firms have received over 1.5 trillion won ($1.39 billion) in investment last year on the back of increased funding by institutional investors and a rise in investment funds, data showed Tuesday.

According to the Small and Medium Business Administration, 1.64 trillion won was invested in start-ups last year, up 18.4 percent from a year earlier.

The number of start-ups that received investment also increased to 901 from 755 over the cited period, the data showed.

Some 2.54 trillion won worth of investment funds for start-ups and venture firms were created last year, an all-time high.

The figure marks a whopping 62 percent rise from the 1.57 trillion won posted a year earlier.

Currently, 481 funds are under management for investing in start-ups with their assets totaling 12.19 trillion won.

South Korea’s government has been seeking to nurture venture companies and start-ups, a part of its policy to support smaller businesses. (Yonhap)