Vertex Progress, part of the worldwide enterprise fund community below Vertex Holdings, introduced right this moment its second fund has secured a dedication of US$15 million from Korea Enterprise Funding Company’s Overseas VC Funding Fund initiative.
With this partnership, Singapore-based Vertex Progress goals to broaden its presence in Korea by growing strategic partnerships with the important thing gamers of Korea’s VC market.
In Korea, the fund will spend money on home-grown startups, in addition to overseas companies owned by Korean founders, with disruptive and scalable merchandise, and assist their abroad enlargement.
“With a powerful give attention to worth creation past capital deployment, Vertex Progress is assured to put in writing a brand new success story within the Korean startup panorama, and construct a brand new breed of disruptive and resilient companies,” stated Kee Lock Chua, Chairman of Vertex Progress.
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Incepted in 2019, Vertex Progress invests in growth-stage alternatives rising from Vertex’s 5 early-stage fund portfolios, with a main focus in Asia, leveraging the sturdy aggressive power of the Vertex international community. It invests in growth-stage alternatives, throughout each IT and healthcare.
The Vertex community of funds invests in early-stage tech alternatives by Vertex Ventures, early-stage healthcare alternatives by Vertex Ventures HC, and growth-stage alternatives by Vertex Progress.
Every Vertex fund operates independently, with separate native groups that increase and handle their respective funds.
Based on its newest report, Vertex has recognized Japan and Korea as key markets which can be set to achieve international prominence.
Within the current years, Vertex has ventured into Northeast Asia, beginning with Japan given the market prowess and monetary heft of main organisations which have a eager curiosity in open innovation and digital transformation.
The agency claims to have been forming partnerships with globally-oriented Japanese organisations and is at the moment rolling out the identical profitable mannequin in Korea.
“One of many core values at KVIC is to drive innovation and construct international champions out of disruptive native companies. With Vertex Progress Fund’s strong monitor report of accelerating progress amongst promising start-ups, we imagine there’s synergy between the 2 funds, and this collaboration will assist strengthen entrepreneurial excellence inside Korea. Collectively, we see making a distinction within the native start-up ecosystem, and positioning Korea firmly on the worldwide stage of innovation and technological development,” stated Mingu LEE, Regional Director at KVIC.
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Picture Credit score: Vertex
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