Coolidge Corner Investment has established a new fund worth 13.5 billion won.
On the 22nd, Coolidge Corner Investment announced it launched a new venture investment fund worth 13.5 billion won during a general meeting held the previous day at its headquarters in Gangnam, Seoul.
The CCVC Busan Regional Innovation Fund is Coolidge Corner Investment's 15th venture investment fund, with participation from Korea Development Bank, Korea Fund of Funds, and Busan Metropolitan City.
Coolidge Corner Investment seized the opportunity to create a new fund after being selected as the regional manager for the Busan Future Growth Venture Fund last December.
The company plans to focus more than 70% of the total pledged amount on corporations located in or connected to Busan, aiming to enhance the vitality of the local investment ecosystem.
Specifically, the investment targets are promising corporations in Busan’s nine strategic industries and five future new industries that possess innovative technologies and growth potential, with a broad range of investments from early stages to Series B.
Coolidge Corner Investment noted, “We will alleviate the phenomenon of venture investment concentration in the metropolitan area and invest in promising small and venture corporations in Busan to stimulate the local economy.”
Meanwhile, Coolidge Corner Investment, established in 2010 as a VC specializing in early-stage investment, increased its assets under management (AUM) from 175 billion won to 188.5 billion won with this new fund creation.