Israeli VC sets up $80 million tech fund with South Korean government

The bilateral project, known as the NH-OC Global Open Innovation Fund, plans to invest in 25-30 companies across key sectors including semiconductors, robotics, automotive, digital health and quantum computing.

The company has already raised $48 million from South Korea's NH Venture Investment and K-Growth, a government investment arm of the Ministry of Trade, Industry and Energy (MOTIE), which has committed $32 million to the fund.

OurCrowd CEO John Medved said: “The establishment of the Israel-Korea Bilateral Fund, with the support of the Korean government, is great news for Israel's high-tech industry. South Korea is looking to Israeli innovation to position itself in the industries of the future, which it aims to lead in the decade ahead and beyond. Apart from the fund investment, Israeli deep tech companies will have direct access to Korean industry giants, enabling them to forge collaborations on a global scale, including in the Asia-Pacific market.”

“K-Growth established the fund to support the global expansion of Korean companies through open innovation with global tech companies, including innovative Israeli companies,” said 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.”

Israel and South Korea signed a free trade agreement in December 2022 aimed at boosting trade and investment between the two countries.

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