Korean Capital to invest 1 billion USD in blockchain startups

The Seoul Metropolitan Government has announced plans to invest more than $1 billion in blockchain and fintech startups by 2022, according to the official announcement published on Feb. 18.

According to the release, the South Korean capital’s government plans to use the “Seoul Innovation Growth Fund” for startups that have various investments problems with Series A funding rounds. The fund, launched last year, will primarily focus on startups related to blockchain and fintech industries.

The Seoul Metropolitan Government announcement underlines that the average investment per company in London and Silicon Valley is approximately $6-7 million, while in Korea, it is only about $1.1 million. Jo In-dong, the head of the economic policy department at the Seoul Metropolitan Government, said:”Innovative startup investments will be the cornerstone of corporate growth that creates innovation in our society and will be a crucial driving force for the growth of innovative venture companies. We will expand our investment to […] stimulate the startup investment market and create an entrepreneurial ecosystem.”