Israeli VC creates $80m tech fund with Korean government
Jerusalem-based venture capital platform OurCrowd has announced an 80 million fund to invest in startups based in Israel and South Korea.
The bilateral project, known as the NH-OC Global Open Innovation Fund, is planning to invest in 25 to 30 firms in key sectors such as semiconductors, robotics, automotive, digital health, and quantum computing.
It has already raised USD 48 million from Korea's NH Venture Investment and K-Growth. The latter is a government agency handling investments by the Korean Ministry of Trade, Industry, and Energy (MOTIE). It has committed USD 32 million for the fund.
OurCrowd CEO Jon Medved said: “The establishment of the Israel-Korea bilateral fund with the backing of the South Korean government is wonderful news for Israeli high-tech. South Korea is looking at Israeli innovation to establish its position in the industries of the future that it strives to lead by the end of the decade and beyond. Apart from the fund’s investments, Israeli DeepTech companies will receive direct access to the South Korean industrial giants and will be able to forge collaborations on a global scale, including in the Asia-Pacific markets.”
“K-Growth has established this fund to support the global expansion of Korean companies through open innovations with global high-tech enterprises such as innovative Israeli companies,” said NH Venture Investment CEO Kim Hyun Jin. “We expect to find Israeli innovation through OurCrowd’s extensive Israeli and global network, to collaborate with Korean high-tech startups to grow together through this fund.“
Israel and South Korea signed a free-trade agreement in December 2022 designed to boost trade and investment between the two countries.
