SEOUL, March 31 (Korea Bizwire) — South Korean wireless carriers have announced a plan to form a investment fund to nurture promising companies in environmental, social and governance (ESG) sectors.
This is the first case in which the leading companies of a specific industry are uniting forces to set up a fund.
The country’s three major carriers — SK Telecom Co., KT Corp. and LG Uplus Corp. — held a signing ceremony on Tuesday and reached an agreement to join forces to support exemplary startups with their ESG efforts.
Each company will invest 10 billion won in the fund, which will have a total size of 40 billion won (US$33 million).
The fund will be used to foster promising startups specializing in ESG technologies.
The companies will also connect the selected startups with their respective venture nurturing programs, while establishing a virtuous cycle nurturing system linked with their ICT businesses.
They will also establish an advisory board to ensure sustainable growth and tangible results for the promising startups.
KB Investment Co., chosen as the fund operator, will also invest 10 billion won in the fund.
Kevin Lee (email@example.com)