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Startups in South Korea - statistics & facts

In South Korea, the first big startups became successful in the 1980s with the development of computer technology and increase in internet coverage. However, the recession in the early 2000’s struck the then booming dot com bubble. The government and stakeholders at different levels provided significant support for self-employed to create a more business-friendly society. As a result, 13 percent of South Koreans were involved in business startups as of 2020, the second-highest in Asian countries after Kazakhstan.

Domestic startups

After the financial ups and downs over the course of the last two decades, the startup ecosystem seems to be settling down. A total of 11 unicorn companies have been founded in South Korea, including the fintech startup Toss. As of 2020, there were over 1.7 million startups in South Korea. In the first half of 2020, the online grocery startup Kurly was the leading startup in South Korea which has attracted investment totaling approximately 200 billion South Korean won.

Venture capital

The South Korean investment market has grown exponentially, and this has been a key driver in the growth of startups. Especially, venture capital has played an important role when it comes to companies that have technological prowess but are difficult to raise funds. There has been a constantly increasing number of registered venture capital firms in South Korea and the amount of venture capital investment recorded 4.3 trillion South Korean won as of 2020. The leading venture capital firms that year were Korea Investment Partners, KB Investment, and Softbank Ventures.

South Korea's startup ecostystem

As the number of startups with high public awareness, such as Toss, has increased, the positive perception of the startup ecosystem has also increased. More and more people are starting a business with a relatively simple start-up process compared to other countries. According to a survey, more than 40 percent of startup founders answered that securing initial capital or increasing investment is the most important part of building a sustainable startup ecosystem in South Korea. This shows that the growth of South Korean startups is expected to continue when investment at the corporate level continues.

Key figures

The most important key figures provide you with a compact summary of the topic of "Startups in South Korea " and take you straight to the corresponding statistics.

Venture capital

Businesses

Interesting statistics

In the following 4 chapters, you will quickly find the 23 most important statistics relating to "Startups in South Korea ".

Startups in South Korea

Dossier on the topic

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Startups in South Korea - statistics & facts

In South Korea, the first big startups became successful in the 1980s with the development of computer technology and increase in internet coverage. However, the recession in the early 2000’s struck the then booming dot com bubble. The government and stakeholders at different levels provided significant support for self-employed to create a more business-friendly society. As a result, 13 percent of South Koreans were involved in business startups as of 2020, the second-highest in Asian countries after Kazakhstan.

Domestic startups

After the financial ups and downs over the course of the last two decades, the startup ecosystem seems to be settling down. A total of 11 unicorn companies have been founded in South Korea, including the fintech startup Toss. As of 2020, there were over 1.7 million startups in South Korea. In the first half of 2020, the online grocery startup Kurly was the leading startup in South Korea which has attracted investment totaling approximately 200 billion South Korean won.

Venture capital

The South Korean investment market has grown exponentially, and this has been a key driver in the growth of startups. Especially, venture capital has played an important role when it comes to companies that have technological prowess but are difficult to raise funds. There has been a constantly increasing number of registered venture capital firms in South Korea and the amount of venture capital investment recorded 4.3 trillion South Korean won as of 2020. The leading venture capital firms that year were Korea Investment Partners, KB Investment, and Softbank Ventures.

South Korea's startup ecostystem

As the number of startups with high public awareness, such as Toss, has increased, the positive perception of the startup ecosystem has also increased. More and more people are starting a business with a relatively simple start-up process compared to other countries. According to a survey, more than 40 percent of startup founders answered that securing initial capital or increasing investment is the most important part of building a sustainable startup ecosystem in South Korea. This shows that the growth of South Korean startups is expected to continue when investment at the corporate level continues.

Interesting statistics

In the following 4 chapters, you will quickly find the 23 most important statistics relating to "Startups in South Korea ".

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