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Home > mk Business News 프린트 이메일 전송 리스트
KB Financial Group to create S. Korean version of Israeli VC fund “Yozma”
2013.01.16 17:29:46 | 2013.01.16 17:50:52
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South Korea’s leading financial company KB Financial Group will set up a Korean version of “Yozma”, Israel’s successful venture capital (VC) fund, to support investment in the nation’s venture companies.

[KB Financial Group to create S. Korean version of Israeli VC fund “Yozma” ] 기사의 본문 이미지


Yozma, meaning “initiative” in Hebrew, is a leading Israeli public-private VC fund set up by the government and local corporations in 1993 with a total investment of $4 billion to foster venture companies.

“KB Financial Group decided to create our version of Yozma fund,” which “will be soon announced,” said Euh Yoon-dae, Chairman and CEO of KB Financial Group, hinting at its imminent debut in the evening of Tuesday at a closed lecture for a club of economists hosted by Maeil Business Newspaper.

The KB’s VC fund is noteworthy as it is part of the strategy to accomplish a “creative economy,” one of President-elect Park Geun-hye’s core pledges. Therefore, it is highly likely for the fund to be co-established by the incoming administration and the financial group.

“The VC fund market can emerge as a niche market for local banks and setting up such funds is in line with Park’s pledge and policy direction,” said a senior official at the KB Financial Group. “We are analyzing how the incoming administration will set its policy direction.”

The KB’s fund is expected to help create jobs in the scientific technology and information technology (IT) sectors by supporting venture companies established by young entrepreneurs that find difficulties in financing and exploring new companies for investment.

[Written by Jin-myung Lee - Sun-ah Kim / edited by Soyoung Chung]

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