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Biz News Korea(Eng)
Kolmar Korea to nurture and support promising startups in beauty care
- Collected
- 2018.01.08
- Distributed
- 2018.01.09
- Source
- Go Direct
Any local startups in business for seven years or less can apply for the company’s packaged support ranging from technology and financing to product distribution. Applications will be received until Feb. 9. There is no other restriction except that the founder must have 60 percent or more interest in the business.
In November last year, Kolmar Korea signed a memorandum of understanding with startup consultancy Kingsley Ventures, retailer BGF Retail, sectoral venture capital Ost Investment on joint incubation of cosmetics startups.
The company will offer 100 million won ($93,606) to 300 million won in seed money to selected startups that will be allowed to utilize Kolmar Korea’s manufacturing resources and BGF Retail’s nationwide distribution networks. Kingsley Ventures will provide office spaces and upfront capital funding, while Ost Investment will offer follow-up investment.
As of 2:49 p.m. on Monday, shares of Kolmar Korea fell 2.72 percent to 82,300 won in Seoul trading.
By Lee Young-wook and Choi Mira
[ⓒ Pulse by Maeil Business News Korea & mk.co.kr, All rights reserved]