500 Startups launches second Korea fund

The filing for 500 Startups Korea II did not disclose a target. It follows 500 Startups’ original Korea vehicle, 500 Kimchi, which launched in 2015 and raised $15 million.

500 Startups backs 15-20 new companies per year in Korea, investing up to $250,000 in seed and early-stage technology companies across a range of applications such as education, e-sports, online retail, and media. It has a portfolio of over 30 companies in the country, including Althea, an e-commerce cosmetics site that markets primarily to Southeast Asia.

500 Startups’ global portfolio currently includes more than 2,200 companies across 70 countries, invested from a family of country-specific funds. The firm is an active investor in Asia’s technology ecosystem, having closed its first Vietnam vehicle at $14 million last year and operating branches in Singapore, Thailand, and India.

Earlier this year the GP’s Japan-based team spun out into a separate firm called Coral Capital and announced its $45 million first fund. The new firm will continue to manage 500 Startups’ Japan portfolio and will work with the parent on future projects in the Japan ecosystem.

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• Topics
• North Asia
• Fundraising
• Venture
• South Korea
• 500 Startups
• seed