FuturePlay introduced on Dec. 1 it has signed a memorandum of understanding (MOU) with Saudi Arabia’s Ministry of Funding. This settlement is a part of a strategic cooperation to help Korean startups’ entry into the Saudi market and foster joint funding and entrepreneur improvement between the 2 international locations.
This settlement is especially vital because it marks the primary MOU signed between a Korean enterprise capital (VC) agency and MISA, carrying symbolic that means in itself. The settlement is predicted to catalyze full-scale cooperation between the startup and VC ecosystems of each international locations.
MISA is a key ministry established in 2020 by the Saudi authorities to advance its Imaginative and prescient 2030 technique, overseeing world funding attraction and industrial diversification. It serves as each a gateway and management tower for accessing the Saudi market. Via this settlement, FuturePlay and Korean startups are anticipated to attach extra intently with the Saudi native ecosystem.
Via this MOU, each events will pursue ▲help for FuturePlay portfolio firms and Korean startups’ entry into Saudi Arabia, ▲strategic partnerships and joint investments in key sectors together with healthcare, fintech, logistics, AI, and superior manufacturing, ▲joint improvement of the ‘Saudi Stars’ program to find and nurture promising native entrepreneurs in Saudi Arabia.
A Ministry of Funding of Saudi Arabia official said, “Korea’s technological capabilities and entrepreneurial capability are receiving world consideration,” including, “This settlement is predicted to considerably contribute to Saudi Arabia’s industrial diversification and modern trade improvement.”
FuturePlay CEO Kwon Oh-hyung stated, “This settlement serves as an vital bridgehead for Korean modern startups to enter the Center Jap rising market and represents a significant place to begin that may even contribute to creating a brand new startup ecosystem inside Saudi Arabia,” including, “It’s going to significantly assist strengthen exchanges between startups of each international locations and improve world cooperation.”
In the meantime, FuturePlay transitioned to CEO Kwon Oh-hyung’s sole management system in 25, additional strengthening its entrepreneur help capabilities. The corporate is supporting entrepreneurs getting ready for world growth by way of abroad enterprise improvement, world community constructing, and follow-up funding attraction, whereas designing and connecting phased funding and various monetary options for deep tech firms to determine long-term progress foundations.
