Jungnang-gu has invested 1 billion won ($674,000) in biotech venture company Jubik Co. through its Jungnang Donghang Startup Fund, with the firm agreeing to relocate its headquarters to the district, district mayor Ryu Gyeong-gi announced.
Jubik is a medical and beauty biotech company that holds proprietary microneedle platform technology capable of delivering drugs into the body effectively while minimizing tissue damage and pain.
Under the terms of the investment, Jubik will move its headquarters from Guro-gu in Seoul to Jungnang-gu. The relocation is expected to contribute to fostering advanced industries and creating quality jobs in the district.
The Jungnang Donghang Startup Fund is a venture investment fund established to identify and nurture technology-driven startups and venture companies while strengthening the district's industrial competitiveness. Seeded with 1 billion won in district capital, the fund grew to 42.5 billion won in total through additional private investment and is managed by T Investment Co., led by CEO Kim Tae-hun.
The district committed 2 billion won to its first portfolio company in October last year, and the latest investment in Jubik marks the fund's continued momentum.
The headquarters relocation represents the district's first success in attracting an outside company to Jungnang-gu and is expected to strengthen industrial competitiveness and invigorate the local economy.
"The Jungnang Donghang Startup Fund is a foundation that supports companies with strong technological capabilities to settle and grow in Jungnang-gu," district mayor Ryu said. "We will continue to actively identify promising startups and venture companies and provide the support they need to establish themselves, building an industrial ecosystem where businesses can thrive."
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