Korea Advances Government-sponsored Fund Management System 

to Support Entire Growth Cycle of Startups in Agriculture 

 

Sejong, 25 June 2024 — On 8 May, Minister Song Miryung of Agriculture, Food and Rural Affairs visited ‘PLUVA way,’ 

a showroom with a wide range of spaces for exhibition, sales, and demonstration of autonomous-driving kit (PLUVA auto) 

for agricultural machinery run by GINT, a startup of developing and supplying an autonomous-driving kit for agricultural machinery. 

The kit, if equipped, turns a manually-operated farming machine into an autonomous-driving machine. Afterwards, Minister Song met 

with young entrepreneurs of three startups—GINT, Seongil Farm, and ActiBooky—that have grown through investment 

by the ministry’s agri-food investment fund and shared opinions with them, regarding how to promote investment 

in young entrepreneurs and startups.

At the meeting, Minister Song said that the ministry would expand and advance the government-sponsored fund management system 

designed to nurture young entrepreneurs and startups in the field of agriculture. Young Farmers Fund, the current sole government-sponsored 

fund of the kind, has reached a limit for providing a systematic support for young entrepreneurs and agricultural startups. To overcome this limit, 

the ministry will set up a new fund for providing financial support for each growth stage of an agricultural startup by October this year 

and substantially increase the fund’s size from KRW 15.2 billion in 2023 to KRW 47 billion in 2024. This way, the ministry will establish 

the government-sponsored fund management system of supporting the entire growth cycle of a startup.  

Out of a total of KRW 47 billion in the new fund, KRW 7 billion will be financed to a startup on the initial stage of starting a business; 

KRW 20 billion to a startup on the growth stage; and KRW 20 billion to a startup on the stage of inviting a follow-up investment. 

Also, the ministry will make efforts to expand private investment in agricultural startups. To this end, the ministry will amend the Act 

on Formation and Operation of Agricultural, Fisheries, and Food Investment Funds so that startup accelerators can act as a fund management 

firm of the government-sponsored fund for agricultural startups.

Minister Song said: “Based on the input we gathered from young entrepreneurs at various meetings including the one held in last February 

(a meeting at DALROLL Company Co., Ltd.), we have come up with a measure to improve the current system so that young startups, 

as an important driver of innovation of enhancing the competitiveness of the agri-food industry, can grow in a stable manner.”

Song added: “By implementing the measure according to our plan, we will back up young entrepreneurs and startups in agriculture 

so that they can get more investments, carve out their positions in the markets, and produce goods and services that will be loved by people.”