Lee convenes Silicon Valley VCs as foreign investors deepen South Korea startup push

President Lee Jae Myung met six major Silicon Valley venture capital firms in San Francisco on July 25 as South Korea seeks to attract more overseas capital and global networks for its startup sector. The National Pension Service signed investment cooperation memorandums with Sequoia Capital, Andreessen Horowitz, Khosla Ventures, Lightspeed Venture Partners, General Catalyst and New Enterprise Associates, while the government is also pursuing a planned 200 trillion won National Growth Fund focused on future industries such as artificial intelligence and semiconductors. The outreach coincides with broader expansion by foreign venture firms in South Korea and larger funding rounds for local deep tech startups. Recent deals include Upstage’s 180 billion won Series C led by Sazze Partners, Twelve Labs’ 150 billion won Series B led by NEA, CarbonSix’s 60 billion won Series A backed by Corten Asia, Foothill Ventures and Storm Ventures, Holiday Robotics’ 155 billion won Series A from Goodwater Capital, and Realworld’s 39 billion won Seed 2 round from Headline Asia and Z Venture Capital. Andreessen Horowitz has opened a Seoul office, while Collaborative Fund and Sazze Partners have also established local presences. Investors cited South Korea’s developer talent, semiconductor and manufacturing strengths, relatively lower valuations than Silicon Valley, faster technology adoption and active corporate open innovation as reasons for growing interest. At the same time, commentators have urged policymakers to improve domestic startup conditions, including stock-option tax rules, visa and residency policies, English-language disclosures, administrative processes and exit routes through mergers and acquisitions and public listings, while preserving the National Pension Service’s investment independence and avoiding valuation excesses in a narrow group of startups.