South Korean conglomerate GS Holdings has confirmed plans to set up a corporate venture capital (CVC) firm to invest in startups following a regulatory rule change at the end of last year.
GS Ventures will invest in local startups that focus on the new growth industries, such as biology, climate change, resource recycling, retail and renewable energy, GS Holdings said. GS Holdings and its subsidiaries will commit money to funds for GS Ventures to manage
Heo Jun-nyeong, vice-president at GS Holdings for mergers and acquisitions, is CEO of GS Ventures.
