MSS Successfully Hosts ‘K-Innovation Day in Singapore,’ Establishes $270 Million Global Fund

The Ministry of SMEs and Startups (MSS), announced the successful conclusion of ‘K-Innovation Day in Singapore,’ held on August 26th at the Conrad Singapore Orchard Hotel. The event, designed to serve as a strategic platform for Korean startups aiming to penetrate the Southeast Asian market, featured the establishment of a $270 million global fund and the signing of three investment agreements worth a combined $4 million.

Minister OH’s Vision for Southeast Asian Market Entry

On the first day of the two-day event, Minister OH Youngju introduced the ‘K-Innovation Day in Singapore,’ emphasizing its role as a crucial foothold for Korean startups entering the Southeast Asian market. Through this initiative, a $270 million global fund was successfully established, and three significant investment agreements totaling $4 million were signed. These agreements connected top-tier Korean startups with leading investment firms and global companies based in Singapore.

The event attracted over 300 participants, including representatives from 80 major investment firms such as Pavilion Capital, Vertex, and OCBC, alongside global giants like Thales, Oracle, and Dassault Systèmes. Additionally, 52 prominent domestic startups were present, showcasing their innovative solutions.

Event Highlights: Fund Establishment and Strategic Partnerships

The event was structured in two parts. The first part included the global fund establishment ceremony and the signing of MOUs for collaboration programs with global companies. The second part featured the K-Global Star IR session, panel discussions, and K-startup meetups.

Global Fund Establishment Ceremony

A significant highlight of the event was the establishment of a $270 million global fund, with three Singapore-based investment firms—K3 Ventures, Lion X Ventures, and Qualgro Partners—signing on as the operating companies for the fund. The MSS aims to expand this global fund in the ASEAN region to over $1 billion by 2027, further supporting the international expansion of Korean startups.

K-Global Star IR: Attracting Investment for Deep Tech Startups

The K-Global Star IR session was a focal point of the event, attracting over 150 global investors. Eleven carefully selected Korean startups, specializing in AI, semiconductors, and smart farming, presented their investment pitches. Preceding the IR session, Minister OH witnessed the signing of three investment agreements totaling $4 million, facilitating the entry of these startups into the Singaporean and ASEAN markets.

-RHL (Malaysian VC) invested $2.2 million in Firmmit, a leader in smart farm solutions.
-CENTO (Singaporean VC) committed $1 million to CrePASS, an alternative credit rating agency.
-Altara (Singaporean VC) invested $740,000 in Hyperlounge, a computer-integrated advisory system.

These investments are expected to significantly boost the presence of these startups in the ASEAN region, with further interest from global investors anticipated.

Strengthening Global Collaboration: MOUs and Meetups

The event also featured the signing of an MOU for the Global Company Collaboration Program, a key public-private partnership initiative by the MSS. Thales, a global leader in defense, aerospace, and cybersecurity, will join this program, aiming to foster open innovation with Korean startups. Additionally, Amazon Web Services and Dassault Systèmes are set to support the entry of Korean startups into the Asian market through their participation in the ‘Jungle’ and ‘Daonda’ programs.

K-Startup Meetup: Forging Strategic Partnerships

The K-Startup Meetup provided a platform for 37 Korean startups to engage in one-on-one meetings with over 70 local experts and investors. Notably, Uptempo Global and Mapsea signed business agreements with Glints and Infineon Technologies, respectively, marking significant steps towards expanding their operations in Singapore and beyond.

Minister OH, in her closing remarks, highlighted the strong interest shown by Singaporean investors in the technological prowess of Korean startups. She reiterated the Ministry’s commitment to establishing a $1 billion global fund in the ASEAN region by 2027 and leading global open innovation through strategic partnerships with global companies in Singapore.

With the success of ‘K-Innovation Day in Singapore,’ the MSS has reaffirmed its dedication to propelling Korean startups onto the global stage, leveraging strategic investments and partnerships to ensure their growth and sustainability in the competitive ASEAN market.