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Startup funds

LG Electronics, Mirae Asset to launch $90 mn fund to invest in startups

Apr 30, 2021 (Gmt+09:00)

LG Electronics CSO Cho Joo-wan (L) and Mirae Asset Capital chief Lee Man-hee agree to launch a startup fund.
LG Electronics CSO Cho Joo-wan (L) and Mirae Asset Capital chief Lee Man-hee agree to launch a startup fund.

South Korea’s LG Electronics Inc. and Mirae Asset Group have agreed to launch a 100 billion won ($90 million) joint venture-capital fund to help support promising startups.

Both sides will inject 50 billion won each into the investment fund to be operated by Mirae Asset Capital Co. over the next 10 years, LG said on Apr. 30.

The fund will be spent on fostering new growth businesses related to electric vehicles, digital healthcare and data.

“We’re going to focus on core business areas where we can maintain a competitive edge. This fund is part of our efforts to adjust the business portfolio in favor of new growth businesses,” said Cho Joo-wan, LG’s chief strategy officer, after signing an agreement with Lee Man-hee, head of Mirae Asset Capital.

LG has been seeking to develop new products and services in various sectors for its future growth.

The home appliance maker is also considering acquiring promising startups and fostering in-house venture companies as part of such efforts.

LG Electronics, Mirae Asset to launch  mn fund to invest in startups

In January, the home appliance maker said it is acquiring a controlling stake in US-based TV data analysis startup Alphonso Inc. to strengthen its software and service capabilities in its smart TV lineup.

With an investment of about $80 million, LG will become Alphonso’s largest investor with a controlling stake of more than 50%, it said.

Write to Shin-Young Park at nyusos@hankyung.com

In-Soo Nam edited this article.

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