South Korea-based steel manufacturer Dongkuk Holdings is set to establish a new corporate venture firm within a year.

Dongkuk launches CVC

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Dongkuk Holdings, the holding company of South Korea-based steel manufacturing company Dongkuk Steel Group, has announced plans to launch a corporate venture capital unit.

Vice chairman Se-wook Jang said during a general shareholders’ meeting that the company plans to establish a CVC within a year, according to media outlet Breaking Latest News.

The announcement comes after the re-election of Jang See-Wook as Dongkuk Holdings’ vice chairman and executive director.

South Korea liberalised its regulations in 2021 to allow the country’s holdings companies to form corporate venture capital units. Since then, a third of the country’s 76 industrial conglomerates having created a CVC arm.

Roshini Bains

Roshini Bains is the junior news reporter for Global Corporate Venturing and Global University Venturing.