Busan fund to boost Korean biz
Asia Culture Tech raises $15 million
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Unveiled last year during the Pusan Film Festival, the venture capital fund is claimed to be the first specifically targeted at the culture industry in South Korea.
ACTI, which has startup capital of $7.5 million, provided $500,000 in seed capital to the fund.
It found other investors to complete the initial funding round. These include Korea Venture Investment Corp. with $4.5 million, Mediaplex $2 million, Yedang Entertainment $3.5 million and M&FC $600,000. The Busan City Council invested $2 million, the local Pusan Bank a further $1 million.
As a special purpose company, ACTI expects to deploy 50% of its investments in performing arts, broadcasting, game and animation sectors, 40% in film and 10% in other cultural content.
ACTI will give priority to Busan-based projects and companies while attracting Busan locations and post- production in managing the fund. A signing ceremony will be held Thursday at Busan City Hall.
ACTI aims to raise coin for other funds later in the year. These include a $30 million-$50 million film fund and a $10 million game content fund.
