BUSAN — The Busan Metropolitan Government has formed the Enlight B-Scale-up Venture Fund worth 106.2 billion won ($76 million), its largest ever, to expand growth-stage investment in local companies.
The fund is a sub-fund of the Busan Innovation Scale-up Venture Fund launched last year and will be managed by Enlight Ventures.
Its central aim is to broaden a local investment ecosystem that has concentrated on early-stage startups, extending support to growth-stage companies through follow-on investment and scale-up funding.
The city has raised more than 500 billion won in funds over the past two years and has been holding investment matching programs on a regular basis.
The city plans to widen financing opportunities for local companies and ease a venture investment structure centered on the greater Seoul area.
