IT Park Ventures, SparkLabs, and Mirae Asset launch a venture fund of up to $10 million

IT Park Ventures, SparkLabs Group Management, and Mirae Asset Venture Investment signed a Term Sheet for the creation of a joint international venture fund, SparkLabs Mirae Silk Road Fund I LP. The ceremony took place on September 15 in Seoul during Uzbekistan President Shavkat Mirziyoyev's visit to the Republic of Korea.

In the presence of Jamol Mahsudov, Deputy Minister of Digital Technologies of Uzbekistan, the parties also signed a memorandum of understanding and a Term Sheet.

According to the document, the initial capital of the planned fund will amount to $2 million. In the future, its size may be increased to $10 million. The investment strategy will be focused on mature technology startups starting from the Series A stage.

IT Park Ventures is considering participating in the fund as an anchor limited partner (anchor LP). It is assumed that participation will be carried out in stages and will depend on the completion of necessary legal and regulatory procedures, as well as obtaining appropriate corporate approvals.

Special attention within the framework of the future fund will be paid to Central Asia and Uzbekistan. Partners intend to jointly search for and evaluate promising technology companies related to the region, as well as facilitate their entry into international markets.

Additionally, the cooperation includes support for cross-border partnerships and interaction of startups with the global investment ecosystem.

Under the agreement, the creation of a SparkLabs office at IT Park in Tashkent is also planned. It will facilitate the fund's operations in Central Asia, the search for promising projects, and interaction with IT Park Ventures.

SparkLabs is a South Korean platform operating in the field of acceleration, venture investments, and international scaling of startups. The company develops an international network of mentors, investors, and corporate partners. Among its partners are Google for Startups, Samsung, Mercedes-Benz Korea, KAIST, and KISED. SparkLabs' geography of activity includes South Korea, Australia, Taipei, Saudi Arabia, and the United States, where the company implements support and investment programs for technological and innovative projects.

Mirae Asset Financial Group was founded in South Korea in 1997. The group operates in the field of asset management, investment banking, venture investments, and other financial services. The company is represented in 21 countries and regions through 67 international offices. The volume of assets under management by the group amounts to nearly $1 trillion. 

Source: IT Park Venture