Ulsan Future Growth Fund of 50 Billion Won Begins Operations

【Financial News Ulsan=Reporter Choi Su-sang】 Ulsan Metropolitan City held the launch ceremony for its first locally led parent fund, the "Ulsan Future Growth Fund," on the 1st and began full-scale operations.
With 35 billion won from the government's fund-of-funds serving as seed money, HD Hyundai Heavy Industries, KEMCO, Nonghyup Bank, Kyongnam Bank and Ulsan National Institute of Science and Technology (UNIST) joined forces to build a total fund of 50 billion won.
The fund is significant because it has laid the groundwork for Ulsan's industrial ecosystem to create and invest in its own future growth engines. Based on this, the city plans to establish an additional 63 billion won or more in subsidiary funds.
The investment will be deployed in stages, not only for early-stage startups and small business owners, but also to advance Ulsan's key industries such as shipbuilding, automobiles and secondary batteries. By building a dense investment ladder that connects startups to mid-sized companies, the fund is expected to become a key driver in helping Ulsan emerge as an innovative startup city.
At the launch ceremony, Ulsan Mayor Kim Sang-wook said, "This is both the culmination of Ulsan's journey toward becoming a startup city and the beginning of a new leap forward." He added, "The 50 billion won parent fund will serve as seed money, and we will build a strong investment ecosystem where local small business owners and companies in key industries can all grow together."


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