Two startups backed and nurtured by HiteJinro (000080.KS) have been selected for the Ministry of SMEs and Startups' TIPS program, which supports technology-based startups through private-sector-led investment.
HiteJinro said on the 29th that Coolbears and VisionBridge Partners, both of which it has invested in, were given final approval for the 2026 TIPS program.
Under TIPS, private operating companies identify and invest in startups with strong technology and growth potential, and the government then provides support for research and development and commercialization. HiteJinro became the first general (non-investment) company to be designated a TIPS operator in 2022 and has since continued to link its startup investments with government support programs.
Coolbears, an eco-friendly textile materials company, was selected for the TIPS deep-tech track in April. It marks the company's second selection, following its inclusion in the general track in August 2023. The company will receive up to 1.5 billion won ($1.1 million) in R&D funding over the next 36 months. Coolbears plans to use the money to advance development and commercialization technology for eco-friendly vegan filling materials made by upcycling starfish and shellfish shells.
VisionBridge Partners, which operates Hier, a global fandom platform built on K-pop intellectual property, was selected for the TIPS general track in June. It will receive up to 800 million won in R&D support over the next 24 months to upgrade its artificial intelligence technology and expand into digital collections, physical goods and global commerce.
Beyond its liquor business, HiteJinro has been identifying and directly investing in startups in lifestyle sectors such as eco-friendly materials, content and platforms. After investing, the company continues to support their growth through follow-on funding and links to government programs such as TIPS.
A HiteJinro official said, "We will continue to actively identify innovative companies and sustain our investment and support so they can keep growing."
