South Korean Capital's $1 Billion Startup Fund Will Include Blockchain Firms

The Seoul Metropolitan Government has committed over $1 billion to invest in innovative startups by 2022, including blockchain firms.

AccessTimeIconFeb 19, 2019 at 12:40 p.m. UTC
Updated Sep 13, 2021 at 8:54 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

The government of South Korea's capital city has committed to invest 1.2 trillion won ($1.07 billion) by 2022 via an investment fund for startups, including those working with fintech and blockchain.

The Seoul Metropolitan Government announced the news Monday, stating that via the Seoul Innovation Growth Fund, which launched last year, it will invest across various sectors in order to help startups that currently struggle to gain Series A or seed funding, CoinDesk Korea reports.

For 2019, it plans to invest 13.25 billion won ($11.75 million) in the first half and 8.4 billion won ($7.45 million) in the second half.

The investment in the first half will be divided across five segments: 2 billion won ($1.77 million) each will go to Fourth Industrial Revolution, Smart City and cultural content projects, 2.25 billion won ($2 million) into startup support and 3 billion won ($2.66 million) into rehabilitation support.

Blockchain projects are likely to be supported as one of the "23 revolutionary technologies" through the Fourth Industrial Revolution or Smart City allocations of the fund, the report indicates.

The city government also said that the average initial investment of South Korean startups needs to be increased from about $1.1 million currently, as compared to $7 million in London and $6.5 million in Silicon Valley.

"Innovative start-up investment will be the cornerstone of corporate growth ... in our society,” Jo In-dong, head of the economic policy department within the Seoul Metropolitan Government, was quoted as saying.

Seoul first revealed its plan to invest in blockchain startups back in October. At the time, Park Won-soon, the city's mayor, said that Seoul plans to invest $108 million through a five-year plan to develop it as a smart city powered by blockchain.

Seoul image via Shutterstock 


Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to to register and buy your pass now.