Posted August. 18, 2017 07:25,
Updated August. 18, 2017 07:53
A special event was held in Block 71 in Fusionopolis, home to start-ups in Singapore, on Wednesday afternoon. It was a gathering of venture capitalists in Asia including China’s Gobi Partners, Malaysia’s MAVCP and Indonesia’s CKM. GS Home Shopping was the only participant from Korea. It was also the only company, not a venture capitalist.
The particpating companies launched the Meranti ASEAN Growth Fund focused on fostering start-ups in Southeast Asia that day. GS Home Shopping has invested 30 million U.S. dollars to the 200-billion-dollar fund. The decision came as the Southeast Asian start-up market has been growing rapidly. Unlike the U.S. and China, few funds worth over 100 million dollars are active in the region. This is why start-ups in the growth cycle face challenges in attracting additional investments.
GS Home Shopping expects its latest investment would increase opportunities in new businesses in Southeast Asia. “Our investment is a strategic decision to identify future growth engines abroad with start-ups with huge potential," said Park Young-hoon, head of the Future Business Division of GS Home Shopping. The first investment decision by the Meranti Fund was "Sale Stock," Indonesia’s fast-fashion brand for women. “We will serve as a catalyst for both the local and global start-up markets," GS Home Shopping Vice Chairman Huh Tae-soo.