Daegu and Gyeongbuk launch 129.4 billion won regional growth fund

Daegu Metropolitan City and Gyeongbuk Province have officially launched the ‘Daegu-Gyeongbuk Integrated Regional Growth Fund,’ totaling 129.4 billion won. The fund aims to revitalize the local venture ecosystem and support the growth of regional startups.

The fund was established using 75 billion won from the Ministry of SMEs and Startups' fund-of-funds, supplemented by contributions from local governments including Gumi and Gimcheon, financial institutions such as iM Bank, IBK, NH Nonghyup, and Hana Bank, as well as local corporations and universities.

More than 80% of the total amount is mandated to be invested in companies within the Daegu and Gyeongbuk regions. Investment will focus on high-tech sectors including robotics, mobility, healthcare, bio, semiconductors, and advanced manufacturing. The fund is designed to support technology-based startups leveraging R&D capabilities from institutions like the Daegu Gyeongbuk Institute of Science and Technology (DGIST).

Moving forward, the authorities plan to establish additional sub-funds exceeding 200 billion won and will hold monthly investment briefings to connect companies with investors. Investment operations are scheduled to begin in January next year.