In a groundbreaking move to boost the agri-tech sector, the Korean Ministry of Agriculture, Food and Rural Affairs has launched the Agri-Food Venture Fund. Valued at over KRW 200 billion (USD 149 million), this initiative aims to catalyze investments in agri-tech startups and companies, with a focus on leveraging technology to enhance agricultural productivity and bolster farm income.
The Agri-Food Fund, established through a combination of private investments and fund-of-funds investment, has already channeled a significant portion of its KRW 1.7635 trillion (USD 1.32 billion) into various ventures. In a recent meeting with representatives from promising startups, Minister Song Mi-ryeong highlighted the government’s commitment to the success of these companies.
One of the recipients of the Agri-Food Fund is Dalol Company, situated in Gimpo, Gyeonggi-do. Renowned for producing gluten-free rice confectionery, Dalol Company secured Gluten Free Certification sanctioned by the Celiac Association of America, a testament to their commitment to quality and innovation.
Gapjone, a frontrunner in the online flower distribution market, also received a substantial investment from the Agricultural and Food Subsidiary Fund. With a notable investment of 1.3 billion won, Gapjone is poised to further enhance their position in the industry. Additionally, Green, specializing in smart farm facilities and tower-type vertical cultivation systems, secured a noteworthy investment of 700 million won from the same fund.
Minister Song emphasized the importance of facilitating private investors’ understanding of agricultural and food companies in Korea through the launch of Ag·FoodTag. This initiative aims to fortify the investment landscape for food technology startups. Furthermore, plans are underway to enhance investment reports on the agri-food industry and establish the Agri-Food Investment Information Sharing Platform (ASSIST).
The announcement marks a pivotal moment in South Korea’s journey towards agricultural innovation and sustainability. With the launch of the Agri-Food Venture Fund, the stage is set for a transformative wave of technological advancements and entrepreneurial endeavors in the agri-tech landscape, ushering in a new era of growth and development.
This move by the Korean Ministry of Agriculture, Food and Rural Affairs is a testament to its commitment to fostering innovation in the agri-tech sector. By providing substantial funding and support to startups and companies, this initiative aims to drive technological advancements that will revolutionize the agricultural and food industries, resulting in increased productivity and income for domestic farmers.
As the world becomes increasingly focused on sustainable and efficient farming practices, the Agri-Food Venture Fund positions South Korea at the forefront of the agri-tech revolution. With its strategic focus on smart farm technology and initiatives aimed at strengthening farm income, this fund has the potential to not only boost the Korean economy but also contribute to global food security and sustainability.
The successful recipients of the Agri-Food Fund, such as Dalol Company, Gapjone, and Green, represent the promising potential of the Korean agri-tech landscape. Their innovative products and services have garnered recognition and investment, highlighting the transformative power of technology in the agricultural industry.
With the launch of Ag·FoodTag and the planned establishment of the Agri-Food Investment Information Sharing Platform (ASSIST), the Korean government is taking concrete steps to facilitate investment and provide valuable information to private investors interested in the agri-food industry. These initiatives will create a favorable investment landscape for food technology startups and further propel the growth and development of the agri-tech sector.
As the agri-tech industry continues to evolve and expand, it is evident that the Korean Ministry of Agriculture, Food and Rural Affairs is committed to supporting startups and companies that drive innovation and sustainability in the agricultural and food sectors. Through the Agri-Food Venture Fund and associated initiatives, South Korea is poised to become a global leader in agri-tech, revolutionizing farming practices and securing a prosperous future for the industry.
