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Venture firms create large number of jobs

PUBLISHED : June 19, 2017 - 17:19

UPDATED : June 19, 2017 - 17:19

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[THE INVESTOR] Korean venture firms have created more than 30,000 new jobs in the last five years, government data showed on June 19.

According to the data from the Small and Medium Business Administration, 2,838 companies that received 5.9 trillion won (US$5.20 billion) in investments from 2012 to 2016 created 30,603 new positions as of 2016.

The number of employees at leading real estate info application operator Zigbang has increased from 16 in its second year of operation in 2011 to 135 in 2016. The company received 500 million won in investment in late 2011, the administration said.

Companies that received investments within three years of launch tended to create more jobs, the government said.

According to the data, 237 companies that received investments within three years of founding had 4,550 employees in total as of 2016, up 63 percent from 2,791 in the previous year.

By Alex Lee and newswires (alexlee@heraldcorp.com)

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