SEOUL– South Korean conglomerate GS Holdings said Sunday that it has set up a corporate venture capital (CVC) firm to invest in promising startups.
GS Ventures plans to invest in local startups that focus on the new growth industries, such as bio, climate change, resource recycling, retail and renewable energy, GS Holdings said.
Heo Jun-nyeong, vice president at GS Holdings who is a merger and acquisition expert, was named the first chief executive officer of GS Ventures.
GS Holdings holds a 100 percent stake in GS Ventures at a total of 10 billion won (US$8.3 million) in capital.
GS Ventures, the first corporate venture capital firm of a South Korean holding company, said it plans to set up a fund in which GS Holdings and its affiliates are set to invest.
Source: Yonhap News Agency