KB Financial relocates startup accelerator to WeWork Korea

KB Financial Group said Friday that it has relocated its startup accelerator program to a WeWork branch here and plans to recruit its first tenants.

The venue for the KB Starters program, dubbed the KB Innovation Hub, was relocated earlier this month to an approximately 1,000-square-meter space within WeWork Korea’s Sinnonhyeon branch in southern Seoul. Its previous venue was a 600-square-meter coworking space nearby.

Cooperation with WeWork Korea will also allow program participants to use the global coworking space giant’s overseas locations.

“The launch of the space at WeWork will allow users to benefit from WeWork’s global network that spans across 38 countries, 149 cities and 828 locations worldwide,” WeWork Korea said in a statement.

Also, KB Starters plans to hold its first open recruitment for new members. All startups established after September 2014 are eligible to apply. Previously, KB Starters had only accepted members recommended by external institutions.

Applications will be accepted via the KB Innovation Hub’s official website until Aug. 10.

KB Starters, launched in 2015, provides office space for participating startups as well consulting services in finance, law and patents. Members can receive financial support and investment through cooperation with KB Financial’s subsidiaries.

As of end-June, 90 startups were participating in KB Starters. KB Financial’s accumulated investment in the program totaled 35.9 billion won ($29.7 million) in the same period.

“We plan to actively support tech startups with great potential based on our Chairman Yoon Jong-kyoo’s management philosophy that investment in innovative businesses translates into investment for the future,” a KB official said.

By Jung mkjung@heraldcorp.com">Min-kyung (mkjung@heraldcorp.com)