- The country has set its sights on creating a sustainable ecosystem in this area
- To this end, the authorities allocated an additional $51 million to finance new and develop existing projects.
- In particular, $21 million will be used to finance mergers and acquisitions
Last summer, the authorities in South Korea invested $177.1 million in projects in the metaverse direction. Now we are talking about launching a whole fund, which is aimed at promoting national startups in this area.
About it declared at the Ministry of Science. According to a press release, the budget for the initiative is nearly 67.7 billion won (about $51 million).
First of all, the fund is aimed at supporting local projects in the field of metaverse. At the moment, at least 13 startups are known at the stages of pre-seed and seed.
They are involved in areas such as healthcare, education and tourism. In addition to money, project authors will receive technological and regulatory support.
The second direction of the foundation’s activity is the creation of a sustainable national meta-ecosystem. As part of this process, a little more than $20 million from the budget of the initiative will be allocated.
This money will be used to finance mergers and acquisitions of small firms. As planned by the government, this should encourage small teams to further develop.
“South Korea stands out as the most determined country to invest in the metaverse. There are no similar projects in the other part of Asia, both in scope and scope, ”said the representative of the department.