The Asan Nanum Foundation, a nonprofit foundation set up in 2011 to commemorate the 10th anniversary of Hyundai founder Chung Ju-yung’s death, announced on Tuesday that it will revamp the operational direction of the Chung Ju-yung Angel Investment Fund, which was established to nurture startups.
The Chung Ju-yung Angel Investment Fund is a private investment fund created by the Asan Nanum Foundation in 2012 with a capital of 100 billion won ($75 million). The fund has been investing in early-stage startups in collaboration with angel investors, accelerators, and venture capitalists.
To date, the fund has invested in 53 funds and accelerators, with the total amount of funds formed through the initiative reaching 2.1 trillion won ($1.6 billion).
The core of the latest revamp is to incorporate globalization of the investment ecosystem newly and response to the climate crisis as key operational directions.
The foundation plans to stimulate investment and support from both domestic and international investors for startups entering the global market and to assist these startups in expanding their business reach worldwide.
The foundation will encourage the creation of funds to address the climate crisis and expand its investment scope to support the discovery and growth of climate tech startups.
Through the Chung Ju-yung Angel Investment Fund, the foundation will encourage new participants, such as emerging limited partners and venture capitalists, to engage in investment, and will also strive to diversify investment forms and strategies.