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Good practice Imported

Seoul's Municipal Startup Fund Programme — Future Innovation Growth Fund & Vision 2030

South Korea · Seoul · See the South Korea profile · See the Seoul profile

Evidence: Descriptive / self-reported Top 29% 76/100 · Ask Evidence Copilot about this practice

Seoul's government-backed venture fund programme: the 2019–22 Future Innovation Growth Fund raised 3.4 trillion won (283% above target), invested in 470 startups and created 8,200+ jobs, ahead of a 5 trillion won ($3.8bn) Vision 2030 Fund.

3.4 trillion KRW
Capital raised (2019-22 fund) (2019-2022)
60 cooperatives
Fund cooperatives participating (2019-2022)
283 % of target
Above original fundraising target (2019-2022)
470 startups
Startups invested in (2019-2022)
1.28 trillion KRW
Net portfolio growth (2019-2022)
8,200 jobs (over)
Jobs created (2019-2022)
5 trillion KRW (~US$3.8 billion)
Seoul Vision 2030 Fund target (2023-2027 (4-year target))
Seoul's Municipal Startup Fund Programme — Future Innovation Growth Fund & Vision 2030

Details

Maturity
Scaling
Promoter
Seoul Metropolitan Government / Seoul Business Agency
Period
2019–present
Keywords
Startup finance, venture capital, scale-up support, innovation ecosystem

Context

Since 2019, the Seoul Metropolitan Government has run a series of government-anchored venture-capital fund programmes to grow the city's startup ecosystem. The first, the Seoul Future Innovation Growth Fund (2019–2022), aimed to mobilise private co-investment alongside city seed capital through fund cooperatives.

Objectives

To mobilise private co-investment alongside city seed capital to grow Seoul's startup ecosystem, and — from 2023 — to scale later-stage investment activity in AI, biotech, fintech and creative industries via the Seoul Vision 2030 Fund.

Activities

According to Seoul city government figures reported by the Korea Times, the 2019–22 fund raised 3.4 trillion won from 60 fund cooperatives — 283% above its original target — and invested in 470 startups. Building on this, in 2023 the city announced the Seoul Vision 2030 Fund, targeting 5 trillion won (about $3.8 billion) over four years, including 350 billion won in direct city funding, and opened the Seoul Startup Hub Scale-up Center to support later-stage investment activity in AI, biotech, fintech and creative industries.

Results

The 2019–22 fund generated 1.28 trillion won in net portfolio growth and created more than 8,200 new jobs, per Seoul city government figures. Independent corroboration comes from Startup Genome's Global Startup Ecosystem rankings, which placed Seoul 9th globally, citing an ecosystem value of roughly $116 billion and $40 billion in cumulative VC funding between 2021 and 2025.

Conclusions

These Startup Genome figures are ecosystem-wide, reflecting Seoul's broader startup environment rather than solely the outcomes of the municipal fund programme, so care is needed not to over-attribute city-wide growth to the fund alone.

Implementation
Indicative cost
Very high (> €5M) — The 2019-22 fund raised 3.4 trillion won; the follow-on Seoul Vision 2030 Fund targets 5 trillion won (about $3.8 billion) over four years, including 350 billion won in direct city funding.
Time to results
Long (> 3 years) — First fund ran 2019-2022 (3 years); Vision 2030 Fund announced 2023, targeting a four-year fundraising horizon toward 2030.

Conditions for success

  • A large municipal budget able to seed capital and attract private co-investment via fund cooperatives
  • Willingness to set and exceed public fundraising targets (283% of the original 2019-22 target) to build market confidence
  • Dedicated follow-on infrastructure for later-stage investment, e.g. the Seoul Startup Hub Scale-up Center opened alongside the Vision 2030 Fund

Common failure modes

  • Independent ecosystem rankings (Startup Genome) reflect Seoul's broader startup environment rather than the municipal fund alone, so city-wide growth should not be over-attributed to the fund programme specifically

Where it fits

Governance type
municipal government fund-of-funds
Scale
city-wide (Seoul), targeting national/global investor participation
Income level
high-income (South Korea)

Commonly funded by

National / regional programmes

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Data sources

Where this practice's information was retrieved from, and when.

Attachments

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