Support Entire Growth Cycle of Startups in Agriculture by setting up a financial support of KRW 47 billion in 2024
Minister Song said that the ministry would expand and advance the government-sponsored fund management system designed to nurture young entrepreneurs and startups in the field of agriculture. Young Farmers Fund, the current sole government-sponsored fund of the kind, has reached a limit for providing a systematic support for young entrepreneurs and agricultural startups.
To overcome this limit, the ministry will set up a new fund for providing financial support for each growth stage of an agricultural startup by October this year and substantially increase the fund’s size from KRW 15.2 billion in 2023 to KRW 47 billion in 2024. This way, the ministry will establish the government-sponsored fund management system of supporting the entire growth cycle of a startup.
Out of a total of KRW 47 billion in the new fund, KRW 7 billion will be financed to a startup on the initial stage of starting a business; KRW 20 billion to a startup on the growth stage; and KRW 20 billion to a startup on the stage of inviting a follow-up investment.
Also, the ministry will make efforts to expand private investment in agricultural startups. To this end, the ministry will amend the Act on Formation and Operation of Agricultural, Fisheries, and Food Investment Funds so that startup accelerators can act as a fund management firm of the government-sponsored fund for agricultural startups.
