South Korea's Jeonbuk launches its first venture fund, raising 100B won
What's the deal? South Korea's Ministry of SMEs and StartupsDealroom has a profile for this one. Try Dealroom → launched the Jeonbuk regional growth fundDealroom has a profile for this one. Try Dealroom →, a 100 billion won vehicle backing startups in Jeonbuk State. The ministry announced on 20 August 2026 that the fund had finished recruiting limited partners and would begin full-scale operations.
Who's backing it? Seventeen institutions are participating, with 60 billion won from the government-run mother fund serving as seed money. Local participants include Jeonbuk State, the cities of Iksan, Jeongeup and Gimje, Jeonbuk BankDealroom has a profile for this one. Try Dealroom →, VINATechDealroom has a profile for this one. Try Dealroom → and Wonkwang UniversityDealroom has a profile for this one. Try Dealroom →, while Hyundai Motor GroupDealroom has a profile for this one. Try Dealroom →, NongHyup BankDealroom has a profile for this one. Try Dealroom → and Hana BankDealroom has a profile for this one. Try Dealroom → are also contributing.
What's next? An operating committee — made up of Korea Venture Investment Corporation, local governments and major limited partners — will finalise investment areas. From September 2026, the fund will begin commitments to create sub-funds totalling 180 billion won.
Why now? The fund is part of a national push to build regional investment platforms outside Seoul. The ministry aims to set up at least one in each of the 14 non-capital regions, supplying more than 2 trillion won in mother funds over five years, starting with 450 billion won in 2026.
What's the endgame? Jeonbuk is the first of five regions — alongside Daegu-North Gyeongsang, South Jeolla-Gwangju, Daejeon and Ulsan — selected in January 2026 to launch such a fund. First Vice Minister Noh Yong-seok called it “Jeonbuk's first investment platform, launched through the combined will of the province's universities, banks, senior corporations and residents.”
The signal: The launch marks South Korea's bid to spread venture capital beyond the capital and turn regional startups into local growth engines. Noh said the ministry would “foster ventures and startups as regional growth engines”, a template it plans to replicate across the country.
Read more: Chosun Biz
Image credit: Rawpixel Ltd
