Posco Group said Wednesday that it is launching a 50 billion won ($35.7 million) corporate venture capital fund to invest in digital transformation and renewable energy.
The fund will be created with 40 billion won invested by Posco — the flagship steel-making unit — and 10 billion won from the group’s venture capital unit Posco Investment, with the inaugural general meeting scheduled for Aug. 29.
The new fund will focus its investments on startups with core technologies aligned with Posco’s future growth strategies, including digital transformation, energy efficiency, carbon reduction and renewable energy.
In particular, about 20 percent of the funds will be allocated to promising overseas startups to strengthen ties with the global innovation ecosystem.
Through a rigorous screening process, Posco plans to evaluate factors such as technology value, financial structure and strategic fit to identify startups capable of leading future innovation.
andreahaneu@heraldcorp.com
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