South Korea’s Ministry of SMEs and Startups has announced the selection of a venture fund manager worth 278.7 billion won ($245 million) through the screening of the “2023 Parent Fund (Fund) 1st On-time Investment” project. The fund will support startups in various fields, including youth startups, women entrepreneurship, and businesses undergoing reorganization or conversion. Out of a total of 79 funds that applied for the investment project, only 10 were selected through a deliberation process.

Among the 10 funds, the Youth Startup Fund, which supports the startups of young people with innovative ideas, was selected with a scale of  96.7 billion won ($85 million). The fund has also earmarked 36.7 billion won ($32 million) for new or small and medium-sized venture investment companies, as part of the Rookie Competition League. And the Women’s Enterprise Fund, which focuses on investing in startups, was selected with a scale of 26 billion won ($23 million) to promote women’s entrepreneurship and social activities.