BUSINESS

Venture firms benefiting from investments create large number of jobs: govt. data

By Catherine Chung
  • Published : Jun 19, 2017 - 17:36
  • Updated : Jun 19, 2017 - 17:58
South Korean venture firms that received investments created more than 30,000 new jobs in the last five years, government data showed Monday.

According to the data from the Small and Medium Business Administration, 2,838 companies that received 5.9 trillion won ($5.2 billion) in investments from 2012 to 2016 created 30,603 new positions as of 2016.

This photo, taken on June 5, 2017, shows officials of the Small and Medium Business Administration at its headquarters in Daejeon, central South Korea. (Yonhap)

The number of employees at leading real estate info application operator Zigbang Co. has increased from 16 in its second year of operation in 2011 to 135 in 2016. The company received 500 million won in investment in late 2011, the administration said.

Companies that received investments within three years of launch tended to create more jobs, the government said.

According to the data, 237 companies that received investments within three years of founding had 4,550 employees in total as of 2016, up 63 percent from 2,791 in the previous year. (Yonhap)