Ulsan Future Growth Fund targets 50 billion won
Industry, academia, government and finance join forces to support startups
![From left: Baek Chang-hun, head of NH NongHyup Bank's Ulsan branch; Kim Tae-han, president of Kyongnam Bank; Lee Dae-hee, CEO of Korea Venture Investment; Mok Seung-hwan, director general of the startup and venture innovation office at the Ministry of SMEs and Startups; Ulsan Mayor Kim Sang-uk; Lee Young-hae, speaker of the Ulsan City Council; Park Jong-rae, president of Ulsan National Institute of Science and Technology; Choi Heon, head of the management support division at HD Hyundai Heavy; and Kim Seung-hyun, head of Korea Zinc's Onsan smelter, attend the Ulsan Future Growth Fund launch ceremony at Undang Hall of the Ulsan Startup Hub in Nam-gu, Ulsan, on Tuesday. [Ulsan city government]](https://wimg.heraldcorp.com/news/cms/2026/09/01/news-p.v1.20260901.f1bada22b9624d5082fff7dfd7774b45_P1.jpg)
Ulsan city launched the Ulsan Future Growth Fund on Tuesday at Undang Hall of the Ulsan Startup Hub in the Jongha Innovation Center in Nam-gu. Ulsan Mayor Kim Sang-uk attended alongside officials from the Ministry of SMEs and Startups, Korea Venture Investment, financial institutions, leading companies and local organizations.
The fund was established after Ulsan was selected in March for the Ministry of SMEs and Startups' 2026 Regional Growth Fund program.
The mother fund was seeded with 35 billion won ($25.5 million) in government grants, with HD Hyundai Heavy, NH NongHyup Bank, Kyongnam Bank, Ulsan National Institute of Science and Technology (UNIST) and Korea Zinc participating as contributing institutions to bring the total to 50 billion won. Ulsan plans to use the mother fund as a base to raise an additional 63 billion won in sub-funds.
The fund will invest in stages across four areas: locally based entrepreneurial small businesses, early-stage startups, innovative technology linked to the city's startup development drive, and key regional industries including shipbuilding, automobiles, secondary batteries, energy and fine chemicals. The structure is designed as a continuous investment ladder stretching from the earliest stages of a startup through to the advancement of core industries.
"Starting with today's launch ceremony, we will build a robust investment ecosystem where everyone from local small-business owners to companies in our key industries can grow," Kim said.
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