The Korean startup scene has come a long way, and startup accelerator programs have significantly created hundreds of startups. Many have become unicorns and later have gone public. These startup accelerators and incubators in South Korea are not just accelerators and incubators but also coworking spaces, and mentorship programs for product development and support. Most have an extensive network outside of Korea to help Korean startups go global. Furthermore, new programs are launched in Korea every few months.

These days accelerator participation has become a rite of passage for most Korean startups. Therefore, Korean startups need to know which program is the most effective and, more importantly, which program is the best fit.

Here is a list of startup accelerators and incubators in South Korea, and we will continue to add to the list as we cover the Korean startup Ecosystem.

List of Startup Accelerators and Incubators in South Korea

FuturePlay

FuturePlay is a high-tech startup accelerator in South Korea that has been known to get the best entrepreneurs from Samsung with new and innovative ideas in the tech space. The accelerator program focuses on early-stage startups that are looking to go global. FuturePlay currently manages $84 million and has invested in over 170 startups. These startups have an accumulated corporate value of over $3 billion.

FuturePlay’s Program

FuturePlay is a 4-month paid program. In addition, since 2014, they have helped over 60 Korean tech startups get funding and mentorship.

FuturePlay has formed partnerships with LG Electronics, Nongshim Co., Mando Corp., and Amorepacific to bridge the gap between startups and big firms. Therefore, this will reduce the risk of many Korean tech startups joining the accelerator program.

They also offer a 6-month intensive incubation program called TechUP. In addition, FuturePlay focuses on entrepreneurs from some of the top schools in Korea, like KAIST and Seoul National University.

Currently, they are focusing more on cryptocurrency and brain science. Therefore, they have already started investing in early-stage startups related to those fields.

“FuturePlay is not a typical startup accelerator that focuses on picking up promising startups. Of course, we are known for being picky when choosing a startup we want to invest in. But our focus is not who they are now but what they will become in the future,” said CEO of FuturePlay Junghee Ryu.

New Entertainment Fund

The aim for 2022 will be to create a new entertainment fund that focuses on the metaverse, Blockchain, and the filmmaking industry. The fund will not just focus on South Korea but also on the United States, Japan, Indonesia, and Vietnam.

FuturePlay aims to push for an IPO at some point in 2022.

SparkLabs

This global accelerator was founded in 2012.  They already have the best team of mentors in Korea. SparkLabs invested in over 140 startups all across the world. They also invest in Korean Startups that want to expand to the U.S., Japan, and China. Their main headquarters are in Seoul, but SparkLabs holds its 3-month accelerating programs for startups in Singapore, China, Taipei, Hong Kong, Australia, and the US.

Moreover, the industry they focus on the most is the internet, online gaming, mobile, digital media, health, manufacturing, and e-commerce sectors. In addition, their Demo Days are some of the best in Asia due to their vast mentor network. This is why SparkLabs has one of the best startup accelerators in South Korea.

Global Startup Accelerator Program

Startup Accelerators in South Korea usually last about 3 months. Therefore, startups that enter are in their seed to early stage and are looking to go global. Sparklabs invests up to $40,000 for a 6% equity stake in the startup. However, this is negotiable per startup.

Startups are matched with 4 to 6 mentors. They get weekly sessions with these mentors through teaching sessions. Also, Korean startups will have access to Sparklabs’s General Partners. Furthermore, they will have office spaces at MARU180, cloud services, and legal advice.

Finally, there is Demo Day, where Korean startups are highlighted. Startups can present to potential investors and get feedback from SparkLab’s partners. Sparklab Demo Day will have a large media presence and will attract influential figures from the industry. SparkLabs is the first of the Startup Accelerators in South Korea to be a part of the Global Accelerator Network (GAN).

Partnership with Shinhan Capital for Startup Fund

SparkLabs and Shinhan Capital have formed a partnership for an $8.3 million fund to help support early-stage startups in Korea. The fund will go not only to SparkLabs alumni startups but also to other early-stage startups with high growth potential. In addition, it will be used for secondary investing in fast-growing companies in the biotech, healthcare, and manufacturing industries. The fund’s limited partners include Youngwon Holdings, SBS Media Holdings, and Kwangdong Pharmaceutical.

Born2Global

Founded in 2013, Born2Global Centre(B2G) is a major Korean government agency under the Ministry of Science and ICT. They are known for their in-depth Korea Startup Index reports. These contain comprehensive information on the Korean startup ecosystem. They have been publishing the Korea Startup Index Report since 2014.

Every year, B2G selects over 100 companies with technical capabilities and business feasibility, to provide integrated services. The membership service operated by the B2G on a global platform is a one-year intensive program. Companies can use various programs to improve their products and services, grow their businesses, and expand their networks.

Born2Global Alumni Night

Born2Global holds an award ceremony called Born2Global Alumni Night at the end of the year. The event focuses on recognizing startups that have achieved significant milestones regarding global expansion. Furthermore, they also present the results of their programs about funding acquisitions, contracts, sales, and partnerships.

DREAMPLUS Innovation Hub

DreamPlus is an ICT accelerator powered by Hanwha Corporation. It aims to create a startup ecosystem not just in Korea but throughout Asia by allying accelerators worldwide. They provide seed funding for promising startups throughout Korea, Japan, China, and Southeast Asia. In addition, they also offer office spaces, expert mentoring, investor relations, and specialized marketing solutions. Their primary focus is on Fintech, and they are considered one of the biggest Fintech accelerators in Korea.

DreamPlus picks the startups themselves and focuses on those in fields such as cryptocurrency, payment, security, and lending. There are three DreamPlus centers in South Korea, one in Japan, and another in China.

The DreamPlus in Gangnam has the 9th and 10th floors dedicated to early to mid-stage startups.

WeWork Labs Korea

WeWork Labs is a startup acceleration space in Yeoksam that helps early-stage Korean startups go global. It is also a shared working space where Korean entrepreneurs can join a variety of acceleration programs, get networking support and consulting, and have access to WeWork’s vast network of mentors, investors, VCs, and successful entrepreneurs.

Online Startup Acceleration Program

WeWork Korea holds online forums, workshops, webinars, and conferences to connect startups in Korea with VCs and industry experts. In addition, the program offers mentoring programs and online networking sessions.

WeWork Labs Korea has partnered with D.CAMP, Fintech company Dayli Financial Group, and Naver-backed startup hub Startup Alliance. Furthermore, former Naver CEO Kim Sang-hun and Nexon co-founder Kim Sang-beom will participate in Labs’ programs as advisors.

WeWork Labs holds many community events where everyone in the building can network with each other. They focus on helping female entrepreneurs and empowering women to become strong leaders.

More WeWork Labs coming to Korea

In addition to Yeoksam, new WeWork Labs locations are now open in Korea. Euljiro in central Seoul, Yeouido in western Seoul, and Seolleung branch opened last year. Korea is the first Asian country where WeWork has opened Labs. Furthermore, WeWork Labs does not take any equity from its members and collects a rental fee. Prices start at 400,000 won ($371) per person, and each branch of Labs can host an average of 100 members. Each of the four branches of WeWork Labs in Korea will focus on a different field. For example, the WeWork Labs Yeoksam Station II is designed around nurturing consumer goods start-ups. The Euljiro branch will specialize in education technology, the Yeouido branch in Fintech and blockchain, and the Seolleung branch in southern Seoul on biopharmaceuticals and healthcare.

“WeWork Labs will continue to focus on building and sustaining a better ecosystem for Labs members in Korea to grow their business domestically and globally with the help of experienced Labs managers who are startup experts,” said Ryan Moon the Head of WeWork Labs Korea.

N15

One of the top hardware accelerators in Korea is N15. They are a hardware accelerator and a production company for products and entertainment. One of main aspects of N15 is that they run a top-of-the-line Maker Space and manage the Seoul Global Startup Center. They aim to turn new ideas into actual products through their maker space and help startups enter the global market. N15 does an excellent job of sourcing innovative global products that have not yet been introduced in Korea. In addition, they actively discover Korean competitive products and help them distribute their products through global platforms. They have a diverse network that includes software experts and manufacturing experts to get products to market. Startups looking to produce mass or small quantities can find their solutions by joining N15 Hardware Accelerator.

Telecom Infra Project Accelerator

The Telecom Infra Project Accelerator is associated with South Korea’s largest wireless carrier, SK Telecom. The program takes place in South Korea and is part of a global program of telecom specialist centers in partnership with SK Telecom. Therefore once startups join the program, they are also joining a global community of companies and organizations that work together to accelerate the development and deployment of tech solutions and infrastructure solutions that deliver high-quality connectivity.

Bluepoint Partners

Bluepoint Partners is a partnership-driven startup accelerator and early-stage VC fund. They invest in high-tech-driven entrepreneurs creating progressive startups that offer real global solutions. Their partners and experts work together with entrepreneurs to help them build, network, launch and grow not just in Korea but around the world. In addition, they help their startups raise capital through their investor networks. Bluepoint Partners also hosts workshops and private events that focus on bringing together entrepreneurs, VCs, advisors, and the press in Korea. They have accelerated over 140 startups since 2014

ActnerLab

ActnerLab is a startup accelerator for hardware, IoT, and biotech startups. The accelerator program cooperates with Lab IX of Silicon Valley to help manage Korea’s finest hardware startups. In addition, ActnerLab helps entrepreneurs in Korea manufacture prototypes directly and quickly.

Those wishing to join the ActnerLab startup accelerator program must have the following requirements.

• Must have two or more members
• A Business plan
• Apply for at least one patent
• Teams should be looking to get a working prototype within three months
• Products should focus on wearables, IoT, connected cars or healthcare, or the human interface market

Once accepted into the program, ActnerLab will provide startups with a seed funding investment of $20,000 to $100,000 in return for 5-10% equity. In addition, Korean startups will have free office space in Gangnam for two months. Furthermore, they can also be a part of the 3-month startup institute education program, where they will have access to mentors and industry leaders from successful companies and universities.

“Our aim is to find and nurture promising Korean startups, and to let them expand their global presence with better competitiveness. To date, our successful startup companies have been ActnerLab’s biggest asset and weapon. Thus, we are collaborating with these companies to create a fund to support younger entrepreneurs,” said Cho In-je, the founder and CEO of ActnerLab.

Primer

Primer has been around for a while and is one of the most well-known accelerators in Korea. They have invested in over 130 startups focused on IT and software services. To get into Primer’s accelerator program, startups need to first participate in Primer’s entrepreneurship training program. The training program will allow startups to verify their business ideas through online and offline activities and tasks. The progress will take a total of 2 months. Furthermore, during the 2-month process, Startups will have access to Primer’s mentors who can help with marketing education and business verification.

Primer Demo Day

Primer holds Demo Days every year, where hundreds apply from not just Korea but all around the world. Startups then showcase their product or service on stage.

Lotte Accelerator

Lotte is one of the biggest retail companies in all of Asia. They launched Lotte Accelerator in 2016 to nurture innovation and entrepreneurship in Korea. They aim to act as a bridge between large corporations and startups. Lotte has a strong network of over 75 affiliates that operate in many different industries. Through the Lotte Accelerator program, Korean startups can get mentorship, access Lotte’s network, and resources, and get business/investment opportunities.

L-Camp Program

The L-Camp Program is a 6-month program, and so far, 50 startups have graduated from this accelerator program. Two of them, Mobidoo (Payment solutions startup) and Buxi (ride-sharing startup), both combined, have raised over $2.5 million. Over 450 startups apply for only 15 spots at L-Camp. Thanks to the L-Camp Program provided by Lotte Accelerator, the company has gained a positive reputation for helping the Korean startup ecosystem.

Recently Lotte Accelerator invested $1.3 million in a shared kitchen service startup called Simple Project.

Lotte’s $52 Million Fund for Startups

The Lotte Group created a fund worth over $52 Million to support Lotte Accelerator. It is called the Lotte-KDB Open Innovation Fund.

“Through this fund, we will more aggressively develop and fund startups for open innovation,” said Lotte Accelerator CEO Lee Jin-Sung.

The fund supports not only startups but also businesses looking to scale up. Furthermore, Lotte Accelerator supports over 100 startups through its accelerator program.

Fast Track Asia

Fast Track Asia has a solid reputation for helping Korean startups expand outside Korea. The accelerator program has been around for a while. The countries that they target mainly are Japan and Southeast Asia. In addition, they also have begun helping Korean startups expand into the United States. However, their key strengths are in Japan and Southeast Asia.

Fast Track Asia is a Korean VC company with both an incubator program and an accelerator program for Korean startups and entrepreneurs. They mainly focus on the internet industry and Korean startups looking to disrupt that space.

They are strong in marketing, PR, IT development, management, financing, and human resources.

DEV Korea

DEV Korea Discovery is an accelerator program in Korea that connects Seoul to New York. Their main focus is on Korean startups that create transformative digital and mobile products.  They help Korean startups go global through their platform, including entrepreneurs with over 20+ years of experience going global. They have a cross-border lawyer to make the transition easier for Korean startups. This accelerator program is a one-stop solution for those looking to cross into the United States. Their fund, the DEV Korea Discovery Fund, invests in 20 startups yearly.

Benefits of DEV Korea

The main benefits of DEV Korea are their legal consulting services which help with venture formation and global entity structuring. They also help Korean startups with their business models and marketing strategies for the US market. Those Korean startups that show a lot of growth potential will be able to access DEV Korea’s large network of investors in Korea and the U.S.  Lastly, DEV Korea has specialists that have experience with M&As, global exits, and IPOs for those Korean Startups looking to sell their company.

DEV Korea Accelerator Program

The 3-month program is all about global expansion. They help Korean startups by bringing in guest speakers for business discussions. In addition, they also have Demo Days in New York and Seoul. After Korean startups finish the acceleration program, DEV Korea offers Alumni Nights and Angel Investor pitch sessions to help them get funding and expand their network.

D2 Startup Factory

Naver has created one of the top startup accelerators in South Korea called D2 Startup Factory. They mainly invest in Korean startups with AI technology, machine learning, and IoT. Their accelerator program includes a workspace, mentorship, networking opportunities for partnerships, and collaboration opportunities with Naver.

Startups that join the accelerator program at NAVER will have access to NAVER’s technology which will help in rapid growth. D2 Startup Factory’s office space has three main parts.

• The Offices – To help Korean startups to create ideas.
• The Meeting Rooms – To help Korean startups develop their products and services.
• The Lecture Hall – To help Korean startups showcase their results.

TIPS PROGRAM

TIPS Korea is an accelerator/investment-driven tech incubator program for Korean Startups. It is one of the most popular startup accelerators in South Korea. The program nurtures Korean startups that focus on innovative and groundbreaking technologies. The program matches startups with successful venture founders to help them go global.  They have a large network of angel investors and offer mentorship through professional support and matching Korean startups with R&D funds. This includes up to 1 billion won per tech startup for up to 3 years.

How to Apply

Korean startups that wish to apply must be tech-related and have at least two people with a concrete technical R&D plan. Once accepted, they will sign an Investment Agreement to receive the R&D funds from the government. The Korean government will give the R&D Fund. Therefore, the Korean startup does not have to give up equity.  However, if the startup is successful, it will have to pay back 10% of the R&D Fund in installments for up to 3 years. Furthermore, if the business fails, it will not be liable for this payment.

Finally, the CEO of the Korean Startup must hold Korean citizenship. However, there is no problem if the Korean citizen is a Co-CEO of the company. Furthermore, the Korean co-founder must have more than 60% of the company’s shares.

Angel Investment (100M KRW) + Business Incubation and Mentoring from Successful Angel Investors + R&D Funding (500M KRW) + Additional Financial Assistance (400M KRW; comprising in Startup Funding, 200M KRW in Angel Matching Funds, 100M KRW in Overseas Marketing Assistance).

K-Startup Grand Challenge

The K-Startup Grand Challenge is a systematic startup program in Korea.

• Over 1,700 startups from 108 countries compete
• It is a 3-and-a-half-month acceleration program
• Startups are eligible to receive initial funding
• Free office space
• The top 30 teams are selected at Demo Day and given additional funds for 3.5 months.

The startups are judged on their creativity, business concepts, and technologies, including their desire to base their business in Korea. They aim to promote collaboration and exchange of ideas among startups from Korea and worldwide.

At the end of the acceleration program, the Korean government will host a demo day to select the top 30 startups. Therefore, these startups will get additional financial incentives, and if they choose to establish their businesses in Korea, they will get additional support from the Korean government.

K-Startup Grand Challenge Benefits

• 3.5 Month Accelerating Program (3.5 additional months for resettlement of the top 30 teams)
• Free Office Space at Pangyo Startup Campus
• Access to production space filled with 3D printers, hardware testing platforms, and more
• The top 60 teams will get $10,000 in living expenses
• Those that come in the top 30 will get an additional $10,000 if they set up a legal entity in Korea
• The top 10 teams will receive a part of the total $320,000 worth of grants
• Potential for equity investment opportunities from accelerators and local VCs
• Seminars, workshops, and 1-to-1 mentoring from Korea’s largest tech companies

ICX Station

ICX Station is not only an accelerator but also a Blockchain VC fund. ICON & AD4th Insight, a Korean Blockchain marketing company, founded it. They focus mainly on Korean projects looking to build on the ICON platform. In addition, their partner DeBlock provides funding and help in marketing, token economics advice, networking, and technical consulting. They have done 2 Dapps events in Seoul and are continuing to look for promising Korean Blockchain projects.

Sopoong

Korean Social Venture Accelerator Sopoong focuses on aspiring social enterprises. They have incubated startups such as Socar, Tumblbug, Spacecloud, and 50 others. The market value of their portfolio is over $400 million. They provide an initial investment and incubation to aid future growth.  Sopoong runs seed investment and accelerator programs twice a year. Therefore, their primary focus is on early-stage social venture business models. In addition, they also invested in South Korean education technology startup Jaranda.

Sopoong is one of the few Korean accelerators with its own VC arm. It is called Sopoong Ventures Corp. It runs an $8 million fund that specializes in early-stage investment.

“Our main purpose is to provide some time for social ventures to test their business ideas. Half of the companies we invest in do not even have a legal entity, which makes it difficult to measure the valuation. So we want to save time and instead once having invested, Sopoong staff try to meet with companies quite often, at least once a week in the beginning and help their development and possibly pivot if necessary,” Said Han Sang-yeob, CEO of Sopoong.

Mashup Angels

Mashup Angels is an early-stage startup accelerator in Korea that specializes in ICT. They have supported over 90 startups, including fashion and beauty startup StyleShare. Furthermore, Mashup Angels have over six years of experience in angel investing. They have provided a management program through a group of entrepreneurs, hands-on business professionals, and experts. Their investments range from $50,000 to $300,000 for a 10% equity stake in the company. The Partners at Mashup Angels make fast and aggressive investment decisions. In addition, they offer a Startup Counseling program. The program focuses on business development, monetization, investment, and marketing strategies.

Nivea Beauty Accelerator

Beiersdorf, a global skincare brand, started Nivea Beauty Accelerator (NX). They own international skincare brands such as LaPrairie, Eucerin, and NIVEA. They launched their beauty accelerator program in Korea (Hongdae). Beiersdorf is the first global brand that launches a beauty accelerator in Korea. They have partnerships with WeWork Korea and are looking to capitalize on the K-beauty boom of the past few years. Their accelerator program is not just for Korean startups but also any global beauty startup. In addition, the NX program offers seed investment, mentorship, brand development, and global marketing. Over 500 startups combined have applied for their first and second batch.

Techstars Korea Accelerator

Techstars has partnered with Hillstone Partners to launch Techstar’s first accelerator in Korea. The program will support Korean startups and the Korean startup ecosystem. They focus on startups with digital and tech innovations across various business verticals. It will be a 3-month mentorship-focused accelerator program that selects ten startups per year. The program will be located at the Pangyo Techno Valley campus. Techstar’s accelerator portfolio currently has over 1,700 companies with a combined market cap of over $20 billion. Therefore, startups in the Techstars Korea program will have a chance to network with other entrepreneurs, experts, mentors, investors, and corporations to help their startups succeed.

NEOPLY

NEOPLY is an accelerator and investment arm of Neowiz. Neowiz is one of the largest gaming companies in Korea. They focus on Korean startups that specialize in Blockchain and cryptocurrency. They are a part of the Klaytn Governance Council and are focused on developing a killer Blockchain service. Therefore they also focus on Dapp development. In addition, their accelerator program offers mentoring, angel funding, and office space. They have over 50 companies in their portfolio, investing in around ten startups each year. They typically offer 50 million won for seed investment. Furthermore, startups in the program will have access to Neowiz’s massive global network.

PACEMAKERS

PACEMAKERS is an accelerator in Korea that focuses on cross-border startup ecosystem matching. Their program is called EDGE (Entrepreneur Development Global Expansion). The EDGE program fosters overseas networks and promotes startup growth and exchange. They are actively collaborating with global partners, creating a competitive business environment for scaling and giving startups an investment opportunity. Furthermore, the program offers startup founders mentoring to improve their business structure and pitch skills.

They also started Boost: Startup Journey in Incheon, which will launch 9 Korean Startups into the German and Indonesian markets. They have partnered with enpact, a non-profit organization that empowers entrepreneurs with mentorship support. The accelerator will focus on scaling startups in fintech, publications, advanced materials, programming, and AI.

Seoul Fintech Lab

Seoul Fintech Lab is a startup incubation program targeting fintech startups in Korea and abroad. Startups must be dedicated to financial technologies for the Asian market. Those selected for the incubation program will get free office space for up to 2 years. This will depend on the performance of the startup. Seoul Fintech Lab is located in Yeouido and already has 70 fintech startups in the program. In 2019, the startups combined generated over $23 million in total revenue. In addition, they also offer mentorship via their local corporate partners in Korea. These partners are involved in banking, investment, law, tax, payments, insurance, and asset management.

New Paradigm Investment

New Paradigm Investment is an accelerator in Korea that specializes in commercialization. They focus on early-stage startups that are younger than three years. They offer investments of up to $1 million (seed to Series A) through their parent company TS Investment. Not only do they offer support in terms of assets but they also help with the startup’s growth. Therefore they act as a coach and partner for innovative startups through their New Paradigm Campus. They help startups find the right partners and enter the global market. In addition, they help startups incorporate technologies such as AI, big data, and Blockchain.