Hyundai Corporation, a general trading company has established a specialized financial company of new technology business with the name of Prologue Ventures for the purpose of challenging the corporate venture capital (CVC).
According to the financial circles on the 1st day of the month, Hyundai Corporation invested the capital of 11 billion won to establish the investment corporation of “Prologue Ventures Incorporation”. Hyundai Corporation and the holding company of Hyundai Corporation Holdings hold 82% and 18% of the shares respectively. The main office is located at Teheran-ro of Gangnam-gu, Seoul where domestic startups and venture companies are concentrated.
Prologue Ventures is the financial company of new technology business. The financial company of new technology business invests in or supports a loan for an enterprise that develops new technology or applies the technology to commercialize. Different from the venture investment company that only finances the SMEs within 7 years of business commencement, the financial company of new technology business is not limited to the related guideline
On March 15, Prologue Ventures scouted and appointed the executive director Shin Kwan-Ho of NH Venture Investment for a new CEO. NH Venture Investment is the affiliated financial company of new technology business of NH Financial Holdings. The CEO Shin graduated from the Department of Business Administration in the State University of Indiana in the US. He worked for SBI Investment, LIG Investment & Securities, and Hanwha Investment & Securities. He is a well-known figure with rich experiences as to play a role of investment screening.
Hyundai Corporation has held the general conference of shareholders on March 30 for the purpose of challenging CVC. Through the revision of terms and conditions, the investment for the company of new technology business and venture capital, and relevant business have been added to the goal of business. Hyundai Corporation plans to promote the CVC business in full scale right after the relevant review by the financial authority.
April 1, 2022, Chosunbiz