By Jina Lee, Hyunjin Choi
Born2Global Centre(Chief Executive Director Jongkap Kim) announced on the 8th that Korea-LAC Startup Pitch and Partnering Day was held at the Shilla Hotel in Seoul with over 200 participants of domestic and international anchor investors, VCs, conglomerates, and startups. Attracting huge interest in the global cross-entry, this event took place with the purpose to develop cooperative business models among Korea-LAC tech startups.
Among dignitaries in attendance were Luis Alberto Moreno, the president of the Inter-American Development Bank(IDB), Wonki Min, the 2nd Vice Minister of Ministry of Science and ICT, and Dongil Kim, the division head of Ministry of Economy and Finance to support the startups’ intercontinental entry.
In the opening speech, Luis Alberto Moreno, the president of IDB said, “The power vitalizing the economy and creating new jobs initiates from the opportunities to enter counter markets among innovative tech-startups. Since LatAm is the geographically important strategic base, it would be a good opportunity for both Korea-LAC companies to build a cooperative relationship.”
In this Pitch Day, tech-based startups raising Series A funding or above stood on the stage to boast their technology and capability. Eighteen companies from Columbia, Argentina, Uruguay, and six other companies from Korea participated in the pitch.
The winning pitch came from Satellogic, a vertically integrated geospatial analytics solution provider. Satellogic was highly rated in that the technology can be applied to various fields such as Forestry, Agriculture, and Energy by analyzing geo-information collected from satellites based on AI. Besides, four other companies were selected as the best startups representing respective countries, Korea, Argentina, Columbia, and Uruguay. The awarded companies are as follows: GSIL (Korea: Smart construction safety control system), Untech (Argentina: Topical medication for chronic wounds including ulcers), Mareigua (Columbia: a platform provider replacing underbanked services), Nocnoc (Uruguay: Cross border e-commerce logistics platform)
The pitching competition was followed by one on one partnering consulting event with Korean-LAC anchor VCs, tech startups, and Korean conglomerates. Among the attendants are the Latin American major investors such as NXTP Labs, Kalei Ventures, Dalus Capital, Angel Ventures, and KSV Global Innovation as well as Korean VCs, including Korea Investment Partners, Posco Capital, and L&S Venture Capital. As for startups, companies from diverse sectors of Fintech, Biotech, Agtech, and so forth attended one on one partnering meetings. The partnering consulting yielded tangible results with 197 cases of domestic and overseas investment consulting.
The one on one partnering meeting has generated a new cooperative business model between Korea-LAC startups. uSound from Argentina and the Yeolrim from Korea has pledged to collaboratively develop and sell hearing assistance devices applied with customized hearing technology for those having hearing loss. Pincer Games from Uruguay is on the verge of closing a publishing contract with Smilegate, an online game developer in Korea.
“The superb technologies and competitively localized business models of Korea-LAC startups captivated Korean and international VCs and big enterprises, calling forth the finest responses. We will strive to induce investments, contracts, MOU through deliberately analyzed matchmaking and sustainable communications between Korea-LAC companies,” said Jongkap Kim, the Chief Executive Director of Born2Global Centre.