South Korea’s non-profit startup incubation foundation D.CAMP funded by Korean financial institutions will focus on global foray of domestic ventures starting with Southeast Asia this year for fruition next year when it celebrates its 10th year.

More than one out of five companies on its investment portfolio have already made inroads into North America and Asia, but they have been struggling to scale up.

D.CAMP, which opened the world’s largest startup incubation hub Front 1 in July last year, will provide support with long-term vision as global expansion is tough even for big capital, according to its executive director Kim Young-duk.

It has been partnering with the United Nations Industrial Development organization to back global outreach of Korean startups. With 30 other foreign partners, D.CAMP has been hosting startup demo day event D.Day every month. D.Day participants earn the opportunity for an investment of up to 300 million won ($261.9 million) and residency at either D.CAMP or Front 1. A total of 5,331 startups have joined the event so far to enjoy the benefits.

Under the Office Hour program, companies are matched with mentors in every field such as market expansion, promotion, law, technology and HR.

About 816 startups raised a combined $3.6 billion investment in the pandemic-ridden 2020 in Korea.

D.CAMP has so far invested in 25 venture funds worth a combined $9.3 billion as a limited partner.

Through indirect investment, a total of 2,276 firms have been benefitted including Woowa Brothers, the operator of the country’s top food delivery app Baedal Minjok, Viva Republica, the operator of peer-to-peer money transfer app Toss, and local children’s educational content provider SmartStudy, famous for globally-viral children’s song “Baby Shark.”

Among the 130 companies that have so far raised 15.27 billion won in direct investment are pet health care solution provider Fitpet, non-contact laundry service Washswat, pizza restaurant franchise Gopizza, and simple accounting service for self-employed individuals Korea Credit Data.

D.CAMP is a non-profit foundation launched in 2013 by the Banks Foundation for Young Entrepreneurs to promote startup ecosystem with investment of $750 million from nineteen financial institutions. It established another startup hub, Front 1, to support office, meeting and community space for startups in July 2020.

By Lee Ha-yeon

[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]