Korean VC Sopoong closes $8M fund for startups focused on environmental impact

News Summary

  • Sopoong invests up to $350,000 into each startup via the accelerator program and offers mentorship, co-working space, administrative support and networking opportunities with experts.On top of the accelerator, the firm also launched a six-month fellowship program to foster climate tech entrepreneurship.
  • So far, Sopoong says it has selected 13 individuals with master’s or doctoral degrees in environment-related majors, offering them $1,700 in grants per month and other support, including the accelerator program.
  • If participating fellows succeed in founding a startup, Sopoong could make a seed investment, Han said.
  • Getting there will be another story.Although Korean manufacturers say they are trying to change their ways, the country’s GDP is linked to some uniquely pollutive industries, including petrochemical producers, automakers and shipbuilders.
Two years ago, South Korea unveiled a plan to reach carbon neutrality by 2050. Getting there will be another story.Although Korean manufacturers say they are trying to change their ways, the countr [+3746 chars]