South Korean multinational Lotte Holdings has set up a CVC arm to invest in new technology in healthcare and biopharmaceuticals.
Lotte Holdings, a South Korea-headquartered multinational that spans multiple industries, has launched a healthcare and biopharmaceutical corporate venture capital fund.
While the fund size has not been disclosed, Lotte Holdings said in a release that it would target startups of all stages globally.
Lotte Group expanded into the pharmaceutical sector in 2022 when it established Lotte Biologics. The subsidiary does contract development and drug manufacturing.
Lotte Holdings invests more broadly in startups through its corporate venture unit Lotte Ventures, previously known as Lotte Accelerator.
The wider Lotte Corporation group is made up of over 90 businesses, across industries including confectionery, hotels, industrial chemicals and electronics. It began as a family business selling chewing gum in 1948.
South Korean holding companies have been able to establish CVCs following a change of the law in 2021, leading to an increase in activity in the country. Lotte was already investing prior to creating a CVC, with $107m committed in 2021.
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