CHEONAN — Cheonan, a city in South Chungcheong Province, is stepping up support for young entrepreneurs launching second ventures.
The city said on the 20th that it has formed the 18.5 billion won ($12.9 million) Anda Science and Technology Innovation Restart Fund, or fifth fund, together with Anda Asia Ventures to nurture startups founded by entrepreneurs making another attempt.
The fund is designed to identify and support companies started anew by founders drawing on earlier failures, and to help promising firms with strong growth potential get back on their feet.
Cheonan is taking part as a limited partner through the Cheonan Science and Industry Promotion Agency, contributing 1 billion won over three years. Of the 18.5 billion won total, more than 2.5 billion won will be concentrated in local companies or firms relocating to Cheonan.
The city had previously formed four funds worth a combined 65.5 billion won and invested in local startups. With the fifth fund added, the cumulative total that Cheonan has attracted and assembled rises to 84 billion won.
Cheonan Mayor Jang Ki-soo and Anda Asia Ventures Chief Executive Cho Yong-jun attended the signing ceremony.
"The fifth fund will give another chance to startups that turn the experience of failure into a springboard for a fresh leap," Jang said. "We will support the growth of companies making a second attempt and build Cheonan into a startup city where businesses and investors grow together."