Tue, 07 Dec 2021

S.Korea's high-revenue venture companies up in 2020

24 Nov 2021, 18:55 GMT+10

SEOUL, Nov. 24 (Xinhua) -- The number of high-revenue South Korean venture companies, which recorded at least 100 billion won (84 million U.S. dollars) in revenue, went up last year due to the increased sale by startups relevant to the COVID-19 pandemic, a government report showed Wednesday.

The number of venture companies, which were placed on the list of a so-called 100-billion-won venture club, totaled 633 at the end of 2020, up 16 from a year earlier, according to the Ministry of SMEs and Startups.

A total of 116,778 startups were identified as venture companies according to the venture identification system.

Sixty-two new venture companies reached 100 billion won (84 million dollars) in revenue last year, while 46 venture companies dropped from the list.

The highest number of 16 new companies, which entered the club, stemmed from the fiber and other manufacturing sectors that included mask manufactures.

It was followed by 11 healthcare and pharmaceutical companies related to COVID-19 diagnostics.

The highest number of 14 venture companies, which dropped out of the list, came from the machinery, automobile and metal sectors.

Seventeen venture companies saw revenue surpass 1 trillion won (840 million dollars) last year, including COVID-19 diagnostic kit manufacturers SD Biosensor with the sale of 1.48 trillion won (1.25 billion dollars) and Seegene with the sale of 1.07 trillion won (900 million dollars).

The average amount of time to reach 100 billion won in sales was 17.5 years since their establishment. The average history of the 100-billion-won venture club was 25.6 years.

By industry, the software development and IT services venture companies were the youngest ones with an average history of 17.2 years, while the machine, automobile and metal companies were the oldest ones with an average of 31.2 years.

More South Korea News

Access More

Sign up for South Korea News

a daily newsletter full of things to discuss over drinks.and the great thing is that it's on the house!