South Korea’s venture capital (VC) fundraising surpassed 1 trillion won ($830 million) for the fifth consecutive year in the first half of 2020, showing VC firms have no shortage of cash to invest.
According to a survey released on June 30 by Korea’s capital market news platform thebell, venture capitals raised 1.133 trillion won through June, led by IMM Investment and Company K Partners. The two firms’ fundraising skyrocketed to 274.6 billion won and 131.7 billion won respectively from 10.5 billion won and 12 billion won last year.
Among the 76 venture capitals that participated in the survey, 31 firms said they raised funds in the first half of this year. SV Investment, K2 Investment Partners LLC, Yuanta Investment, Korea Investment Partners and Kolon Investment raised funds ranging from 50 billion won to 80 billion won.
The top 10 VCs raised 821.5 billion won in the first half of the year, 2.4% less than the 842.4 billion won they netted in the first six months of last year, with market analysts attributing the decline to the coronavirus impact.
Meanwhile, based on thebell’s calculation, VC fundraising in the first six months of each year recorded 1.3992 trillion won in 2016, 1.3288 trillion won in 2017, 1.2166 trillion won in 2018 and 1.2037 trillion won in 2019. (Reporting by Yongbi Yang)