Daejeon, South Korea – Daejeon City has successfully registered Daejeon Investment Finance Co., Ltd. as a new technology-based venture capital firm, marking a significant milestone in its efforts to cultivate a thriving startup ecosystem.

The city announced on [date] that it had received approval from the Financial Supervisory Service for the company to operate as a venture capital firm specializing in new technology businesses. With an initial capital of 50 billion won entirely funded by the city, Daejeon Investment Finance Co., Ltd. becomes the first public investment firm of its kind in South Korea.

The company is now authorized to invest in, lend to, and provide management and technical guidance to startups and SMEs engaged in new technology development. Additionally, it can establish investment funds and manage investment capital.

"We are excited to have achieved this significant milestone," said [Name], [Position] at Daejeon City. "This new venture capital firm will play a pivotal role in fostering innovation and driving economic growth in our region."

Daejeon City has been actively promoting the establishment of this firm, emphasizing its importance in supporting the growth of local tech ventures and revitalizing the investment ecosystem.

With the legal framework now in place, the company plans to officially launch on [date] and finalize its internal regulations and business plan by December. The company will then focus on raising funds for investment, identifying promising local startups, and forming investment consortia.

Daejeon's initiative is expected to attract more investment into the region and stimulate the growth of its tech industry. By providing much-needed capital and support services, the city aims to position itself as a leading hub for innovation and entrepreneurship in South Korea.