Anthill Ventures, the premier start-up accelerator fund and growth ecosystem, and SparkLabs, a renowned global network of startup accelerators and venture capital funds, announced today a strategic partnership to enhance the growth of Korean and Indian startups. With this partnership, both companies aim to bring together co-investment opportunities along with world-class mentorship, resources, and business expansion opportunities for technology-based startups from India and Korea in the Health care, Urban Tech, Media tech, and Urban Lifestyle fields.
SparkLabs has demonstrated its strengths over the past 10 years by hosting demo days and executing differentiated investment strategies. Basis its market experience and research, SparkLabs will analyze the barriers for Indian startups in the Korea market. On the other hand, Anthill with its vast network of corporates and investors in India will be the gateway for Korean startups to the Indian market. The startups from both countries will receive a host of benefits such as:
- Growth Fund and Global VC Network
- Invest >10M into startups entering the growth stage
- Make follow-on investments in the top-performing startups
- Attract foreign investments by utilizing the global networks of both companies
- Effective Marketing and Sales Strategies designed for the Startup ecosystem
- Increase applicable communication with various customers and global investors
- Leveraging media relations for startup profiling for earned media credibility
- Localization of strategies
- Support implementation of location-specific strategies through evaluating relevant partnerships with leading corporations from Korea.
- Provide opportunities to create value through partnerships with ecosystem enablers like sales distributors, white labeling, joint ventures, research firms, and merger & acquisition firms.
India-Korea Bilateral trade reached a record high of USD 25.8 billion in 2022, despite the global slowdown in economic growth. The partnership between Anthill and SparkLabs offers a unique opportunity for startups, combining SparkLabs’ extensive network and support from Anthill’s proven accelerator programs. Startups will be equipped with the necessary tools to succeed and make a lasting impact in their industries. We’re thrilled to offer this support and help bring the next generation of successful startups to the forefront.
Jimmy Kim and John Park, Partners at SparkLabs, said “The startup landscape in India has seen unprecedented growth, with a staggering 15,400% increase in just 6 years. This explosion of entrepreneurship has spread across 56 diverse sectors, with 4,500 startups making a mark in cutting-edge technology such as IoT, robotics, AI, and analytics. Our eagerness to collaborate with Anthill is driven by their mission to support startups in their journey to growth and scaling. Their values align with our goals, and we are excited to be a part of their continued success in fostering a thriving startup ecosystem in India.”
“Excited to partner with SparkLabs and bring our strengths together to help entrepreneurs thrive,” said Prasad Vanga, CEO of Anthill Ventures. “Seoul boasts a $39B startup ecosystem, ranked in the top 20 cities globally. Now, South Korea aims to expand its startup presence with cities like Busan and Daejeon as future hubs. With SparkLabs’ global network and our focus on growth, this partnership offers unmatched support for tech entrepreneurs in a country with a thriving startup scene, huge market potential, skilled workforce, and favorable government policies.”
Korean startups attracted a record-breaking $6.4B in venture investment in 2021, a 78% YoY growth. Seoul, home to 56% of total investments, hit a high of $3.5B. With 18 unicorns, including 7 new unicorns in 2021, Korea leads in AI & Big Data ($1.15B raised) and Life Sciences ($2B invested) and has a strong presence in manufacturing. The Seoul Metropolitan Government established Invest Seoul to attract $30B in foreign investment by 2030, while the government’s $160M budget for robot-related R&D and talent development saw a 29% increase in 2021. (Source)
India’s tech sector is thriving with companies such as TCS, WIPRO, HCL, and Infosys expanding into South Korea to meet the increasing demand for IT services and tap into a favorable business environment. These firms offer top-notch software development, digital transformation, and data analytics solutions. The Indian government fully supports this expansion to bolster bilateral trade and investment. Meanwhile, South Korean investments in India are creating job opportunities and spurring economic growth, particularly in electronics, automobiles, steel, and shipbuilding. South Korean giants such as Samsung, Hyundai, Posco, and Hyundai Heavy Industries have made a strong impact in the Indian market, joining other top tech firms such as LG, SK Telecom, and Hyundai Motors.
