Korean government endorses 15 future unicorn startups

The Ministry of SMEs and Startups announced 15 pre-unicorn startups under the review of 66 candidates for two months. Known as "Preliminary Unicorn Startup Specialty Warranty," the program is one of the projects in the "K-Unicorn Startup Project" by the Korean government, and the designated startup can receive the specialty warranty up to KR 10B(USD 8.3M) when the startup is borrowing money from the financial institutes.

The preliminary unicorn startups met all those criteria for the designation.

1. Market Proven: Attracted more than KRW 5B from the venture capitals.

2. Growth: 20% Average growth for three years or Revenue increase of more than KRW10B within two years.

3. Innovation: Technological business grade – More than BB grade.

The professional review team(Composed of 15 experts) and the external review team(Composed of external experts, head: Jang, Byung-Kyu, Chairman of Krafton) participated in designating the preliminary 15 unicorns out of 66 candidates' startups.

Here is the list of the preliminary unicorn startups.