South Korean startups and small businesses drew record 3.52 trillion won ($3 billion) as of the end of October, already topping last year’s total of 3.42 trillion won.

According to the Ministry of Startups and SMEs and the Korean Venture Capital Association on Sunday, Korean startups and SMEs attracted 3.52 trillion won in fresh funding from January to October, up 21.7 percent from a year ago. Newly arranged venture funds also rose to 2.69 trillion won during the period.

At current pace, this year’s total investment is expected to hit over 4 trillion won for the first time.

Yearly investment in Korean startups and SMEs that hovered around early 2 trillion won - 2.15 trillion won in 2016 and 2.38 trillion won in 2017 – leaped from last year thanks to the government’s continuous efforts to foster the second venture boom and more private spending on venture funds, the ministry said.

Of total investments, 40.4 percent went to companies that have been in business for three to seven years, and 34.4 percent to startups of three years or younger. Investments in bio engineering firms made up the largest 27.9 percent of total, and ICT companies second largest 27.9 percent.

By Lee Duk-joo and Lee Ha-yeon

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