SK Telecom (SKT), KT and LG Uplus agreed to set up a KRW40 billion ($32.8 million) fund to aid start-ups in developing services supporting environmental, social and governance (ESG) values.
In a translated joint statement, the operators noted they will form an advisory committee including the CEOs from each company to select promising start-ups and work out funding plans.
The operators stated the fund’s goal is to “actively support companies practicing ESG management in the ICT field and growing together”.
Each of the operators will commit KRW10 billion to the fund, with the remainder raised from outside sources.
In 2021, SKT formed the ESG Korea Alliance with local and overseas organisations, with 14 start-ups selected for support: six companies attracted a combined investment of KRW10 billion and three commercialised their business plans.Subscribe to our daily newsletter Back