November 23, 2024

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The corporate logo of KT&G Corp. (KT&G)

KT&G Corp. and Mirae Asset Financial Group launched a strategic matching fund to invest in startups and find new growth engines.

The two contributed 20 billion won ($13.9 million) each into the new fund which will invest mainly in health care and companies with good environmental, social and corporate governance.

Mirae Asset Capital will manage the fund, KT&G said in a press release.

KT&G said it will work together with Mirae Asset Capital in reviewing new areas of business, discovering companies to invest in, and executing the investment.

“We launched the fund to seek sustainable growth in the midst of a fast-changing business environment and to find new growth engines … The goal is to gain opportunities to enter new business areas while seeking synergy with existing our businesses,” KT&G said.

For the same purpose, KT&G has invested 27.5 billion won in 12 startups and 43 billion won in venture capital funds so far.

By Kim So-hyun (sophie@heraldcorp.com)