Cross-border accelerator Bigbang Angles(빅뱅엔젤스) has invested a total of $3.1 million (KRW 4.1 billion) in 2023, bringing its cumulative investments to more than 130 companies. It has $15.1 million (KRW 20.1 billion) in assets under management and has accelerated more than 780 companies.
Bigbang Angles has made 15 investments at an average valuation of $203,000 (KRW 270 million) in startups in the following sectors: alternative proteins, healthcare, gaming, bio, commerce and B2B SaaS. The firm has also made follow-on investments in three startups and is scaling up its investments. Bigbang Angles has also made an exit in 2023. Its first investment in cybersecurity specialist Quad Miners was followed by a successful exit, resulting in a multiple of more than 27 times exit cash.
Nominated and selected a total of seven companies for the Ministry of SMEs and Startups’ private investment-led technology start-up support programme, TIPS. Five companies were selected for the general TIPS programme in the bio, game and alternative protein sectors. In addition, two companies were selected in the newly established specialised TIPS (Deep Tech) track, securing R&D funding of $1.124 million (KRW 1.5 billion) per company. This brings the total amount of R&D funding secured by the seven companies to $4.2 million (KRW 5.5 billion).
Bigbang Angles’ performance as a cross-border accelerator was also highlighted. It has invested in Koralo, a German producer of vegan alternative fish products, to support soft landings in Korea and Asia. Koralo uses its proprietary ‘microalgae synergistic fermentation technology’ to produce fish alternatives. In addition to the investment, Bigbang Angles is also supporting the company’s growth by finding a manufacturing facility.
Medihere, which provides smart medical clinic services in the US, is also in the process of relocating its US headquarters (Flip). Medihere provides services to Samsung Group USA, Solomon Agency Corp. and others. Bigbang Angles said it is providing various support, including consulting, based on its experience as a cross-border accelerator for Medihere’s US headquarters relocation and local investment.
In addition, through the Korea Institute of Startup and Entrepreneurship Development’s (KISED) overseas proof-of-concept (PoC) support programme, the company has completed 37 global PoCs involving 15 companies and 14 countries. We are also actively supporting our portfolio companies to establish joint ventures with local companies in the Middle East, South East Asia and North America. Firmmit, a smart farm solutions company, GSIL, a smart security company, and MTEG, a medical video data platform, are forming global joint ventures.
Chris (HyunChul) Ji, CEO of Bigbang Angles, said: “In 2024, we will further expand our capabilities as a cross-border accelerator to create tangible results and significantly expand our TIPS nominations and selections.”
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