Seoul, March 21, 2019—
IFC, a member of the World Bank Group, and D. CAMP (Banks Foundation for Young Entrepreneurs) today announced that the joint demonstration event, D.DAY resulted in two winners, THE.WAVE.TALK and GOPIZZA based on polls from judges and audience. The aim is to identify aspiring Korean start-ups and help them enter emerging markets. The winner will receive up to 300 million Korean won (approximately $265,000) in seed investment from D. CAMP
.
The event attracted more than 80 applicants from across sectors. The judges included international and Korean investors from IFC, FuturePlay, Base Investment, Kakao Ventures, and Coupang.
“The demonstration showed the creativity and competitiveness of Korean start
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ups, especially in healthcare, education, and Fintech
,
” said Nikunj Jinsi, Global Head, Venture Capital, IFC. He further added, “Applicants confirmed our belief that digital solutions could address challenges in real time and benefit people in emerging markets. Through our in
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depth engagement in digital economies in other parts of the world, we are ready to support Korean start
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ups when they seek to move to new markets.”
Kim Hong-il, executive director of D. CAMP said, “It is encouraging that IFC co-hosted the D.DAY where we encourage and foster Korean start-ups with major future potential
.
We are keen to strengthen our role as a hub that will connect external partners such as IFC with start-ups.”
“
Southeast Asia is one of the largest consumer markets with favorable demographic trends. Korean Start
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ups and VCs should pay attention to the digital transformation taking place in those economies,” said Randall Riopelle, Country Manager for China, Korea and Mongolia, IFC
.
“Our global partnerships with incubators like D. CAMP allow us to reach more entrepreneurs who are keen to seize opportunities that come their way.”
IFC is the largest global development institution focused on the private sector in emerging markets and a leader in spurring disruptive technologies for development. Since early 2000, IFC has invested more than a billion in venture investments globally.
In Korea, IFC has provided over $10 billion in financing since 1985, including $6.7 billion mobilized from other investment partners, to nearly 100 Korean projects around the world. Nearly half of that financing—$4.3 billion in all—was delivered after IFC re-established its presence in Korea in 2013 to help Korean entities expand in developing countries.
About IFC
IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In fiscal year 2018, we delivered more than $23 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit
www.ifc.org
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