Oxford Bioscience Partners, a US-based venture capital firm, has reportedly held a $66m first close on its planned $100m to $150m sixth fund after gaining backing from the South Korean government and local industrial conglomerate Hanhwa.
News provider Fortune, which revealed the fundraising, said the Korean commitment would allow Oxford to invest in the country.
Fortune said: "So why Korea, as opposed to ‘hotter’ Asian start-up markets like China or India? Part of the answer obviously lies in the funding, which Oxford may not have been able to secure elsewhere. I’m also told Oxford believes the Korean stock markets are more receptive to bioscience companies than are the Chinese or Indian exchanges. (Note: Oxford takes a broad view of bioscience, including pharma, green chemistry and bio-enabled energy.) Finally, Oxford appreciates South Korea’s willingness to endorse intellectual property rights, which is particularly important for bioscience companies."
Oxford declined to comment to Fortune and Hanwha, which runs the Hanwha Technology corporate venturing unit, was unavailable.