New Israeli-South Korean $80 million fund launched for deep tech investments

The South Korean government has selected OurCrowd, an Israeli online global venture investment platform, to co-manage a new bilateral investment fund that aims to invest $80 million in both countries. To date, the fund's Korean partners, NH Venture Investment and Korea Growth Investment Corporation (K-Growth), have already raised $48 million, and OurCrowd is currently raising capital from a network of 240,000 investors around the world.

The bilateral fund, officially known as the NH-OC Global Open Innovation Fund, is preparing to invest in around 25-30 startups from both countries focused on core technology areas such as semiconductors, robotics, automotive, quantum computing, cybersecurity and digital health.

“The establishment of the Israel-Korea Bilateral Fund with the support of the Korean government is great news for Israel's tech industry,” said John Medved, CEO of OurCrowd. “South Korea is looking to Israeli innovation to position itself in the industries of the future that it aims to lead in the next decade and beyond. Thus, apart from the fund's investment, Israeli deep tech companies will have direct access to Korean industry giants and will be able to forge collaborations on a global scale, including in the Asia-Pacific market. Meanwhile, Korean startups will benefit from exposure to deep global connections with Israel's leading venture capital investors, entrepreneurs and family offices, accelerating their access to overseas tech innovation ecosystems and much-needed capital.”

South Korea's economy is the fourth largest in Asia and the 13th largest in the world. Its GDP grew by 4.1% in 2021, making it the fifth largest manufacturing nation in the world after China, the United States, Japan and Germany. In 2022, Israel exported $1.12 billion to South Korea, and South Korea exported $1.26 billion.

The fund combines partners with access to Korean conglomerates with $48 million in already committed capital. The fund is backed by K-Growth, a Korean government agency that invests policy funds to achieve strategic goals on behalf of the Korean Ministry of Trade, Industry and Energy (MOTIE). It is co-managed by NH Venture Investment and OurCrowd General Partner as co-GPs.

“K-Growth established this fund to support the global expansion of Korean companies through open innovation with world-class tech companies, including innovative Israeli companies,” added Kim Hyun-jin, CEO of NH Venture Investments. “We look forward to finding Israeli innovation through OurCrowds' extensive Israeli and global network, and collaborating with Korean tech startups through this fund to grow together.”

Founded by Medved in 2013 to democratize venture capital investing, OurCrowd has deployed capital to more than 440 portfolio companies and 56 funds across five continents with over $2.3 billion in commitments as of 2024. NH Venture Investment was established as the ninth subsidiary and investment arm of Nonghyup Financial Group, a leading financial group in South Korea.

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