POSCO to raise $36 mil. to invest in promising global startups

POSCO, the steelmaking unit of POSCO Group, announced Wednesday that it will create a 50 billion won ($36 million) fund in partnership with POSCO Investment, the group’s corporate venture capital (CVC) unit, to address paradigm shifts in the global steel industry and pursue new business opportunities. The fund, called POSCO CVC No. 1, will launch Aug. 29 with 40 billion won invested by POSCO and 10 billion won from POSCO Investment. CVC refers to venture capital established by nonfinancial companies. Through a CVC, a company can identify promising firms and cooperate with them, investing in startups related to its own business domains. According to POSCO, the new fund will target startups developing technologies in digital transformation, energy efficiency, carbon reduction and renewable energy, aligning with the steelmaker’s strategies for future growth. In particular, 20 percent of the fund will be allocated to investing in promising startups overseas, aiming to strengthen the company’s ties with global innovators. “With this fund, we will expand cooperation with startups that hWeiter zum vollständigen Artikel bei Korea Times Weiter zum vollständigen Artikel bei Korea Times