Gangwon center, J&P Medi close $3.1M fund for Chuncheon bio startups
What's the deal? Gangwon Creative Economy Innovation CenterDealroom has a profile for this one. Try Dealroom → and J&P Medi PartnersDealroom has a profile for this one. Try Dealroom → have closed a US$3.61M (roughly $3.1 million) fund for early-stage bio and healthcare companies in Chuncheon, South Korea. The two firms held a general meeting on September 16 at the Chuncheon ICT Venture Center to formalise the vehicle, named the Gangwon Creative Economy-J&P Medi Chuncheon Bio Development Investment Fund.
Why now? The fund was established after being selected for the Korea Venture FundDealroom has a profile for this one. Try Dealroom →'s 2026 first regular investment programme in the early-stage small sector, which sits under the Ministry of SMEs and Startups. The Korea Venture Fund, J&P Medi, Chuncheon CityDealroom has a profile for this one. Try Dealroom →, and Hana SecuritiesDealroom has a profile for this one. Try Dealroom → all committed as limited partners.
What's the endgame? The fund targets bio and healthcare ventures and startups centred on Chuncheon over a 10-year lifespan. At least 60% of capital must go to startups less than three years old or with annual sales below US$1.68M, and at least 50% to small and medium-sized firms with a head office, branch, research institute, or factory in the city.
Two firms bring different strengths as co-general partners. Gangwon center, a public accelerator, supplies local startup sourcing and investment networks; J&P Medi PartnersDealroom has a profile for this one. Try Dealroom → contributes expertise in clinical trials, regulatory approval, and technology commercialisation.
What's next? The plan also earmarks at least 20% of capital for companies in startup support programmes such as the Everyone's Startup Project, and another 20% for firms based outside the Seoul, Incheon, and Gyeonggi region. A separate advisory committee will channel LP input on strategy and portfolio management.
"I am grateful to the limited partners who came together to activate investment in the regional bio industry," said Gangwon center chief executive officer Lee Hae-jeong. "We will actively support the emergence of a bio company that represents Chuncheon" (translated from Korean).
The signal: The fund extends a pattern of public accelerators pairing with sector specialists to close funding gaps outside Korea's capital region. Gangwon center has built direct investment vehicles since 2021, and it says further funds tied to regional strategic industries are planned.
Read more: venturesquare.net
Image credit: Generated with Gemini
