IMM Investment Corporation has raised over 270 billion won ($224 million) during the first half of this year to expand investment in the venture sector.
IMM Investment said on June 24 that it raised 206 billion won for the “2020 IMM Venture Fund”. Considering that the company previously raised 8.6 billion won and 60 billion won through the IMM style venture fund No.2 and the IMM Secondary Venture Fund No.4 respectively, the total adds up to 274.6 billion won. Chief investment officer Il Bu Joung will be responsible for the fund’s management.
IMM Investment plans to invest in growth capital as well as good performing start-ups in various industries ranging from intelligence to biofusion in order to nurture unicorns, which are privately held startup companies valued at over $1 billion.
“We will quickly execute funds to take the lead in fostering unicorns,” an IMM Investment source said. “Of the 270 billion won, 50 billion won will be invested in the second half of the year and the rest by next year.”
The company started fundraising from the second half of last year. After it was selected as a manager for the Korea IT fund of the Korea Telecommunications Operators Association (KTOA), it won venture fund contests for various pension funds, such as the Pension Foundation of the General Assembly of the Presbyterian Church of Korea and the fund of the occupational accident compensation insurance.
IMM Investment was also appointed as the manager for the K-Growth support fund with a minimum size of 200 billion won.(Reporting by Younjae Lee)