In pursuing its Asian expansion, Jerusalem-based equity crowdfunding platform OurCrowd partners with the Seoul-based Korea Exchange Bank.
The company, which reported a “record-breaking year” in 2018 with a total of $6.47 billion was invested (+17% vs 2017) including 24 mega deals at $50 million or more, announced its latest institutional partner in Asia, South Korea’s KEB Hana Bank (“KEB Hana”), a subsidiary of the Hana Financial Group.
Along with an equity stake for the bank in a cross-section of current and future OurCrowd portfolio investments, OurCrowd and KEB Hana have entered into an MOU agreement to pursue cooperation in support of Korea’s innovation ecosystem, aimed at creating key relationships for Korea’s major corporations seeking technology solutions for the future.
OurCrowd CEO Jon Medved said:
The hightech cooperation between Israel and South Korea is quickly evolving into an economic powerhouse. We are delighted to welcome KEB Hana to a front row seat at the table, as we provide diversification of venture capital opportunities across the globe to the bank, and ultimately to a wide audience of impressive corporations and accredited investors in South Korea. This latest step forward, in addition to the partnerships we have established in Korea, will help leverage incredible commercial potential as we deepen the interface between the two countries’ industrial collaborations in various hi-tech fields.
Since its entry into the Asian market in 2015, the equity investment platform has been building a diversified portfolio including a collaboration agreement with two of South Korea’s leading venture capital firms, DTNI and Yozma Group Korea working on their seed stage incubator Labs/02, as well as partnerships with United Overseas Bank in Singapore, Shanghai Commercial Savings Bank in Taiwan, Citic Pacific in Hong Kong, Reliance Private Client in India, National Australia Bank and the recently announced most recent investment, from Thailand’s Bangkok Bank.
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