This article was published on May 30, 2025, at 10:22 a.m. on the ChosunBiz MoneyMove site.
A large number of publicly listed startups have become limited partners in the venture investment mother fund 'Startup Korea Fund (ScoFun),' which is primarily established by the private sector. There are assessments that a virtuous cycle has begun, wherein promising startups that have received venture capital investments have now funded a venture fund to go public.
According to the VC industry on the 30th, three publicly listed startups with less than 10 years of operation have been included in the limited partners of ScoFun 2, which is expected to begin the selection process for management firms in early next month. Considering that a total of 30 private limited partners are participating in ScoFun 2, it means that 10% of all limited partners are comprised of publicly listed startups.
Specifically, ASICLAND, a corporation specializing in system semiconductor design solutions, and NAU Robotics, a corporation specializing in robotic automation systems, have been named as limited partners. Both were established in 2016. Additionally, PIE, a corporation providing secondary battery inspection solutions that started its business in 2018, also participated as a limited partner.
ScoFun was launched last year, planned by the Ministry of Small and Medium Enterprises and Startups, with the goal of activating private venture investments. If the private sector contributes 70% of the fund's resources as major investors, the government's basic fund provides an additional 30%. ScoFun 1 is sized at 585.3 billion won, while 2 is at 420 billion won.
The difference between ScoFun 1 and 2 is primarily in the composition of limited partners. The limited partners of ScoFun 1 were mainly financial institutions such as banks and large corporations. There were also venture corporations involved, which have been identified as 'mature' venture businesses that have moved beyond the startup stage, such as Kakao Mobility and Viva Republica.
In contrast, the three startups that became limited partners in this ScoFun 2 are all publicly listed startups that have grown based on investments from venture capital. This means that startups that were receiving financial support from financial investors have chosen to transition to being strategic investors.
It is analyzed that the publicly listed startups have positioned ScoFun participation as a means to secure new growth engines. The Korea Venture Investment Corporation, which operates ScoFun, has newly established open innovation in the ScoFun 2 recruitment area this year, making strategic collaborations between limited partners and startups a primary investment target.
The Ministry of Small and Medium Enterprises and Startups has also introduced incentives such as preferential rights to acquire equity in investments, which has become favorable news. Thanks to this, it is reported that venture businesses like content platform Spoon Labs and biotech Redox Bio have also participated as limited partners in ScoFun 2, in addition to startups with less than 10 years of operation.
A source in the VC industry noted, 'It is positive that companies that have grown through investment are contributing to the venture investment funds.' He added, 'The investment in venture funds takes anywhere from as little as five years to over ten years until they can reclaim their funds, making participation by startups an impossible area until now.'