G:ATEWAY 2026 · 10th G Valley Startup Competition Demo Day
Connect, Build, Grow
2026 Investment Trends
and 2027 Outlook
Decision Criteria and Fundraising Readiness from an Investor's Perspective
Seungeun Myung
CEO, Venture Square; Vice Chair, KEIAA; Adjunct Professor, Hanyang
University
Today's Question
Investor Perspective
What are investors
asking now?
01
2026 Capital Direction
02
2027 Investment Outlook
03
Decision Criteria & Deal Readiness
02
Investor's First Question
Author's Personal Experience (Opinion)
“
How many times
can you get our money back?”
01
Multiple
How many times the
principal grows
02
When
When the funds
return
03
Which channel
Which exit: sale, IPO,
or secondary?
Where calculations stall is the company's weakest link
03
Why the Future Is Hard to Forecast
Mismatch Between Performance, Plans & Outlook
2026 Performance
H1 figure · Not annual performance
2027 Government Proposal
Pending vote · Benefit TBD
Regional Finance
Commitment · Not cash spent
Outlook & Strategy
Conditional scenarios · Not
confirmed growth rate
Parallel Tracks: Simultaneous Resource & Risk Diversification
04
PART 1 · 2026 Investment Trends
Korea-U.S. Interest Rates
Resuming Hikes
Bank of Korea Base Rate
3.00%
▲0.50%p
2.50→3.00%
2.50%
Pre-hike
2.75%
2026.07.16
3.00%
2026.08.27
U.S. Fed Funds Rate
3.75~4.00%
▲0.25%p
2026.09.16 FOMC
3.50~3.75%
Pre-hike
3.75~4.00%
2026.09.16
Oct 22 MPC: Hold · “Further hikes” wording kept
05
PART 1 · 2026 Investment Trends
Official Performance · Prior Year Same Period=100
H1 Venture Investment KRW 8.9T,
All-Time High
New Venture Investment
KRW 886.76
billion
2025
100
2026
154.3
▲ 54.3%
New Venture Fund Formation
KRW 843.66
billion
2025
100
2026
133
▲ 33.0%
2nd Highest H1 Ever
06
PART 1 · 2026 Investment Trends
1H 2026 · KRW 100M
Top Sectors:
ICT, Equipment, Bio
1
ICT Services
18,600
▲62.2%
2
Electrical, Machinery & Equipment
15,359
▲90.4%
3
Bio & Medical
15,041
07
PART 1 · 2026 Investment Trends
Early-stage companies (<3 years) · KRW 10B+
Large deals accelerate sector
concentration
AI & Robotics early-stage large deals
KRW 315.3
B
9 of 16 large deals (total
KRW 421.8B)
AI & Robotics
Total
74.8%
By amount
By company count
9 / 16 = 56.3%
Early-stage companies KRW 10B+ ·
Sector stats for KRW 100B+
08
PART 1 · 2026 Investment Trends
Prior Year Same Period=100
Early-stage & Non-metro Investment
Increased
Startups under 3 years old
KRW 1.8282
trillion
2025
100
2026
156.4
▲ 56.4%
Non-metro Investment
KRW 1.0647
trillion
2025
100
2026
204.7
▲ 104.7%
09
PART 1 · 2026 Investment Trends
2025→2026 Q1–Q3
Non-AI early-stage investment
deal count decline
Non-AI early-stage deals
2025
538 deals
2026
386 deals
▼ 28%
AI & Robotics early-stage investment
211
deals ▼8%
10
Summary ①
More capital, but unevenly distributed
Interest Rates
Korea-US benchmark rate hikes
Investment
H1 KRW 8.9T · Record high
Concentration
Driven by large AI & robotics deals
Early-stage
Amount up · Non-AI deal count down
Question
Where does our sector stand?
11
PART 1 · 2026 Investment Trends
2025 Exit Performance · Korea Venture Capital Association Statistics
Exit Profits,
IPO Below Expectations
Multiple
Exit Amount vs. Principal (Exit Amount ÷ Principal)
IPO
3.33x
Principal KRW 1.1597 trillion → Exit approx. KRW 3.8567 trillion
Sale
1.01x
Principal KRW 1.826 trillion → Exit approx. KRW 1.8435 trillion
1.0x Principal
Share
Share of principal
Sale 52.3%
IPO 33.2%
Others 14.5%
Multiple is Exit Amount vs. Principal; Share is portion of total principal KRW
3.4942 trillion—different metrics
12
PART 1 · 2026 Investment Trends
2026 · Maturities & IPO Performance
IPO window pressure,
fund maturity concentration
New IPO public offering · As of 9/11
▼78.6
%
22 of 28 trading below offering price
Committed capital of VC funds maturing this year
KRW 16.9 trillion
3-year total: KRW 32.9 trillion
Dealsite
2026-09-08
IPOs halved by govt regs…
“VCs face crisis” at
exchange forum
Aju Business
2026-09-11
Is 'Ttason' a thing of the
past?… Are new listings
still above offering price?
Newstof
2026-09-15
[VC Exit Act 2] KRW 17T in
VC funds maturing this
year... Secondary market
role grows
13
PART 1 · 2026 Investment Trends
Equity trades among existing shareholders
Secondary,
the Second Exit
Global Secondary Transaction Volume · 2025
USD 226.0
billion
▲ Over 40% · Evercore
data
Domestic Secondary Fund Formation
KRW 137.9 → 688.1
billion
2020 → 2024 · ▲ Approx. 5x
14
PART 1 · 2026 Investment Trends
2024.09 · Secondary Deal Case
Musinsa:
Full acquisition of KRW 12 billion stake
Exit for selling investor
6~7
x
vs. principal · Valued at KRW 3 trillion at the time
Fund of Funds (FoF) secondary
fund acquired full stake from
2015 fund
Dealsite
2024-10-24
Shinhan Venture Investment
buys KRW 12B Musinsa stake
15
Summary ②
Exit Channels: IPO Slump, Narrow Window, Secondary
IPO
3.33x (2025) · Below expectations this year
Exit Amount ÷ Exit Principal · Korea Venture Capital Association stats
Window
78.6% below IPO price · KRW 16.9 trillion maturing
22 of 28 IPOs this year (as of 9/11) · Committed amount of VC funds maturing this year
Secondary
USD 226 billion global · KRW 688.1 billion domestic
Global transaction volume 2025 · Domestic secondary fund formation 2024
Musinsa
Full buyout of KRW 12 billion · 6-7x exit
2024.09 secondary deal · Multiple on principal for divested portfolio company (reported)
Question
Where is the exit for our investors?
16
PART 2 · 2027 Outlook
MSS Budget · KRW 100M
2027 FoF Capital Commitment
Gov't Proposal KRW 1.3T
8,200
▲4,800
13,000
2026 Budget
2027 Plan
FoF commitment, gov't proposal
KRW 1.3T
▲58.5%
Newspim
2026-09-01
[2027 Budget Bill] MSS KRW 18.724T
'Record High'... FoF KRW 1.3T Allocated
Korea Policy Briefing
2026-09-01
Next Year 'Entrepreneurship for All' 20,000
People… FoF Commitment KRW 1.3T, Record High
※ Gov't Proposal Announced 2026.09.01 · Not Finalized Pending National Assembly Review
17
PART 2 · 2027 Outlook
2027 Scenario:
Budget, Interest Rates & Exit Signals
Baseline
Signal
Budget up
(confirmed) · Rate
3.00% · IPO-led
Response
Selective fundraising
Positive Signal
Signal
Private match up
· Hikes pause ·
Secondary up
Response
Expand on orders
Negative Signal
Signal
Fund delays ·
More hikes · IPOs
below offer
Response
Hold expansion,
early downsizing
18
PART 2 · 2027 Outlook
Domestic Investment in 3rd Week of Oct:
KRW 251.1 billion
Total of 11 Disclosed Deals · 26 Companies Raised
KRW 251.1
billion
Largest Round
KRW 120
B
DreamLabs seed
Share of Grant & Seed-Stage Companies
38.5% · 23.1%
Out of 26 Companies · By Company Count
A few large rounds plus many small early-stage deals
19
PART 2 · 2027 Outlook
Independent metrics with different scopes · Excluded from totals
Capital
flowing to
Physical AI & Defense
2027 Physical AI gov't budget
KRW 3.1
trillion
Over 3x this year's level
H1 2026 Defense Startup VC
USD 40.8
B
▲56% · 10-yr H1 high
Physical AI: AI with a body, like robots & equipment
Yonhap News
2026-09-01
[2027 Budget] KRW 3.1T for Physical AI…
'AI for All' evolves into agents
Maeil Business Newspaper
2026-10-26
Defense startups see largest lump-sum funding
in 10 years … Another player in AI-driven capital
war [McKinsey·Maeil Industry Analysis]
20
PART 2 · 2027 Outlook
Crunchbase · Q3 2026
64% of global VC funding goes to AI
AI 64%
Non-AI 36%
AI companies
USD 102.0
billion
Quarterly total
USD 159.0
billion
Capital flows to AI; non-AI firms face
repricing
21
PART 2 · 2027 Outlook
PitchBook-NVCA · Peak Valuation → Sale Price
Overvalued non-AI companies sold at
~90% discount
Miro
USD 17.5B
▼ ~USD 1.4B (sold)
Airtable
USD 11.7B
▼ ~USD 1.3B (sold)
Can companies maintain prior valuations in the next round?
22
Summary ③
2027: Funding, Three Signals, AI Concentration
Funding
FoF commitment KRW 1.3 trillion · Before National Assembly review
Signals
Budget · Interest rates · Exits drive scenario divergence
Concentration
AI 64% · Others repriced
Question
Is the gov't proposal already in your funding plan?
23
PART 3 · Investment Criteria
Speaker Summary
3
Key Criteria
for Investor Decisions
01
Exit Potential
When, at what multiple,
and via which path?
02
Recovery or
Growth?
Does interest lead to
purchase, contract,
and repurchase?
03
Additional Funding
What capital is
coming in next?
Startups must be ready to answer with numbers and documents
24
PART 3 · Investment Criteria
Post-Conversion Investment Cases
Rebellions:
$400M Pre-IPO Post-Merger
Yonhap News
2024-12-02
Rebellions-SAPEON merger
launches… “Valued at KRW 1.3T”
Rebellions
2026-03-30
Rebellions Closes $400 Million
Pre-IPO and Launches
RebelRack™ and RebelPOD™ to
Accelerate Global Expansion
Dec 2024 SAPEON Merger
Approx. KRW 1.3
trillion
▼
Mar 30, 2026 Pre-IPO Investment
$400
M
Next check: orders · deliveries · capacity
Why It Matters
Investment doesn't come all at once; it
comes in stages based on evidence
25
PART 3 · Investment Criteria
Evidence of Conversion
Intellicia:
60%+ PoC-to-Annual Conversion
Kakao Ventures
2026-09-02
AI synthetic consumer
company Intellicia secures
KRW 3.4 billion Pre-Series A
led by Kakao Ventures
2026.09.02 Pre-Series A
KRW 3.4
B
Basis · Share of PoC clients (PoC: pilot before contract)
60%+
annual conversion
Next Check: Contract Size · Collection · Renewal
Why It Matters
Whether pilots led to paying contracts
is the basis for investment
26
PART 3 · Investment Criteria
Speaker's Action Proposal
Deep Tech Investment Criteria:
Stage-Gate Pass Criteria
01
Key Performance
Specs · trials · certs · yield
02
Pass Criteria
Metrics · dates · verifier
03
Cost & Duration
R&D · equipment · delays
04
Secured Funding
Investment · R&D · co-dev
05
Next Stage
Adoption · follow-on funds
06
Action if Unmet
Cut · pivot · stop
27
PART 3 · Investment Criteria
Venture Square Early-stage · Public Facts Only
Genome & Company · LinkSolution:
From Investment to Listing
2016.07
Venture Square Seed KRW 100 million
2018.12.26
KONEX Trading Commenced
2020.12.23 · IPO Price KRW 40,000
KOSDAQ Transfer Listing
Newsis
2018-12-20
Exchange Approves Genome & Company's
New KONEX Listing
2021
Venture Square investment · TIPS
2025.05 · Top of range
IPO Price Finalized at KRW 23,000
2025.06.10
KOSDAQ listing · tech growth co.
Korea Economic Daily
2025-06-10
'3D Printing' LinkSolution Surges 54% Early
on First Trading Day
28
Summary ④
What attracted investment: evidence at each stage
Rebellions
Pre-IPO raise post-merger
Intellicia
Transition from PoC to annual contract
Deep tech
Agree on pass criteria first
IPO cases
Genome & Company & LinkSolution: from early-stage investment to IPO
Question
What evidence of transition to show the next investor?
29
PART 4 · Fundraising Preparation
Choosing Funding Sources
Why you need funds,
how we earn and share profits
Bootstrap
Grow with customer revenue
Run on revenue, no outside funding
To Prove
Repeat purchase · margin · collections
How to Spend
Spend only within incoming cash
Scale-up
Grow with investment
Funding to speed up growth
To Prove
Additional demand · Unit economics
How to Spend
Execute in stages based on performance
Define goals first, then choose the right funding
30
PART 4 · Fundraising Preparation
Bootstrap Case · Wix Acquisition
Base44:
Sold in 6 Months Without External Investment
Initial Consideration (Cash)
Approx. USD
80 million
+ Earn-out until 2029
Founder Equity
Sole
Employees
8
Earn-out: extra payment tied to post-deal results
TechCrunch
2025-06-18
6-month-old,
solo-owned vibe
coder Base44 sells
to Wix for $80M
cash
31
PART 4 · Fundraising Preparation
Use of Funds at a Glance
Pre-Expansion Check,
Post-Investment Responsibilities
Pre-Expansion Check
Actual Demand &
Additional Customers
Unit Cost &
Profitability
Upfront costs
Post-investment
duties
Milestone-Based
Progress Reporting
Dilution · Follow-on
Funding Terms
Downsize if delayed
32
PART 4 · Fundraising Preparation
Lecture Assumption · Unit: KRW 1M
Calculate runway using
confirmed cash only
Confirmed cash 200 ÷ Monthly burn 50
1
2
3
4
4 months
Adding unconfirmed investment of 100
1
2
3
4
5
6
6 months
Bold 2 cells: Pre-deposit / Under review investments excluded from runway
33
Thank you · Q & A
Materials and news here
Geuman's Morning
Letter slides
Scan QR for
these slides
letter4ceo.com/lectures/
bdc-20261104-en
Thank you.
Q & A
· Seungeun Myung | Venture Square
Three numbers before
facing investors
01
Exit multiple
02
Conversion rate
03
Confirmed cash runway
34
Appendix · Reference Materials (Not Presented)
Page No. = Slide No.
Sources &
References 1/5
Page 1
Event Info: BDC Accelerator presentation request email
(2026-10-31) · Host organization press release email
(2026-10-28)
Page 3
Venture Square contribution (Opinion), [Venture Insider's
Global Survival Story] Met 40 US VCs but secured 0
investments (2026-10-25) · venturesquare.net
Page 5
Yonhap News, Bank of Korea raises base rate consecutively
(2026-08-27) · yna.co.kr
Page 5
US Federal Reserve, FOMC Statement (2026-09-16) · federalreserve.gov
Page 5
Bank of Korea, Monetary Policy Direction
(2026-07-16·08-27) · bok.or.kr
Page 5
Bank of Korea, Monetary Policy Direction
(2026-08-27·10-22) · bok.or.kr
Pages 6–10
Ministry of SMEs and Startups, H1 2026 venture investment
hits record high of KRW 8.9 trillion (2026-08-19) · mss.go.kr
Page 6
Money Today, Risk capital flows to AI & deep tech…
Startups and regional markets heat up (2026-08-20) ·
mt.co.kr
Pages 9·10
Wowtale, Q3 startup investment KRW 10.188 trillion (The VC
2026 Q3 stats, 2026-10-01) · wowtale.net
Pages 12–15·18
Money Today, To improve venture investment exit market structure,
activating secondary & M&A is urgent (2026-08-26) · mt.co.kr
Pages 12·13·18
DealSite, IPOs halved by government regulations… VC
repayment crisis forum (2026-09-08) · dealsite.co.kr
Pages 12·13·18
Top Daily, VC recovered principal KRW 3.4942 trillion…
Sales 52.3%·IPO 33.2%, MOIC Sales 1.01x·IPO 3.33x (Korea
Venture Capital Association stats, 2026-07-08) · topdaily.kr
35
Appendix · Reference Material (Not Presented)
Page No. = Corresponding Slide
Source · Reference
Material 2/5
Pages 12·13·18
Aju Business Daily, 22 of 28 new IPOs traded below offering
price (as of 9/11, excl. SPACs/REITs, 2026-09-11) ·
ajunews.com
Pages 12·13
Newstop, Total committed capital of VC funds maturing in
2026: KRW 16.9252 trillion; 3-year total: KRW 32.8945
trillion (DIVA, 2026-09-15) · newstopkorea.com
Page 13
Aju Business Daily, Article title: “Is 'Ttasang' a thing of the
past?… Are new stocks still above offering price?”
(2026-09-11) · Clipping on p.13 · ajunews.com
Page 13
Newstop, Article title: “[VC Exit Act 2] KRW 17 trillion in VC
funds maturing this year... Secondary market role expands”
(2026-09-15) · Clipping on p.13 · newstopkorea.com
Pages 14·15·18
Evercore, H1 2026 Secondary Market
Review(2026-07) · evercore.com
Pages 14·15
The Economy Korea, Domestic secondary fund formation: KRW
137.9 billion → KRW 688.1 billion (DIVA, 2025-06) · kr.economy.ac
Pages 14·15
DealSite, Shinhan Venture Investment acquires KRW 12
billion in Musinsa shares (2024-10-24) · dealsite.co.kr
Pages 17·18
MSS, MOSS 2027 budget proposal at KRW 18.0724 trillion,
largest ever (2026-09-01) · mss.go.kr
Page 17
E-Today, MOSS allocates KRW 18 trillion, largest ever… FoF
KRW 1.3 trillion (2026-09-01) · etoday.co.kr
Page 17
Financial News (News1), Largest FoF budget ever in 2021:
KRW 1.1593 trillion (2025-08-22) · fnnews.com
Page 17
Newspim, [2027 Budget Proposal] MOSS KRW 18.0724
trillion 'largest ever'... FoF KRW 1.3 trillion allocated
(2026-09-01) · Clipping on p.17 · newspim.com
Page 17
Republic of Korea Policy Briefing, Next year 'Entrepreneurship
for All' 20,000 people… FoF commitment KRW 1.3 trillion,
largest ever (2026-09-01) · Clipping on p.17 · korea.kr
36
Appendix · Reference Materials (Not Presented)
Page No. = Corresponding Slide
Sources & References
3/5
Page 18
Bank of Korea, Monetary Policy Direction (2026-08-27·10-22) ·
Decision Meeting Schedule (Next Meeting 2026-11-26) · bok.or.kr
Page 18
Sequoia Capital, Forecasting & Scenario
Planning(2022-06-14) · sequoiacap.com
Pages 19·20
Startup Recipe, [This Week's Investments] DreamLabs, The
Rest, Trioer… Large Rounds Draw Attention (2026-10-24) ·
startuprecipe.co.kr
Pages 19·20
The Korea Times (Simultaneous SCMP Publication), China’s
humanoids go job hunting amid Korea’s bets on physical AI
(2026-10-23) · koreatimes.co.kr
Pages 19·20
Maeil Business Newspaper, Defense Startups See Largest
Lump-Sum Investments in 10 Years [McKinsey·MK Industry
Analysis] (2026-10-26) · mk.co.kr
Page 20
Yonhap News, [2027 Budget] KRW 3.1 Trillion for Physical AI… ‘AI for
All’ Evolves into Agents (2026-09-01) · 20-page Clipping · yna.co.kr
Pages 21·22
Crunchbase News, Q3 2026 Global Startup Investment
(2026-10-05) · news.crunchbase.com
Pages 21·22
PitchBook-NVCA, Venture Monitor Q3 2026(2026-10)
· nvca.org
Pages 21·22
Maeil Business Newspaper, Carta Solo Founder Ratio
(2026-03-15) · mk.co.kr
Pages 25·26
Yonhap News, Rebellions-SAPEON Merged Entity Officially Launches…
“Corporate Value KRW 1.3 Trillion” (2024-12-02) · yna.co.kr
Pages 25·26
Rebellions, Announces Pre-IPO
Investment·RebelRack·RebelPOD (2026-03-30) · rebellions.ai
Pages 25·26
Kakao Ventures, Announces KRW 3.4 Billion Pre-Series A
Investment in Intellicia (2026-09-02) · kakao.vc
37
Appendix · Reference Material (Not Presented)
Page No. = Corresponding Slide
Sources & References
4/5
Page 28
Venture Square, Genome & Company Company: Second TIPS
Alumni to List on KOSDAQ (2020-12-23) · venturesquare.net
Page 28
Venture Square Investment Record (Confirmed by CEO Seungeun
Myung, 2026-10-11): 2016.07 VS Fund KRW 100 million ·
Investment fact only; no equity stake, current value, or exit info
Page 28
Newsis, Exchange: Genome & Company Company New
Listing on KONEX Market (2018-12-20) · newsis.com
Page 28
Hankyoreh, KONEX Leader Genome & Company Company IPO
Price KRW 40,000… KOSDAQ Listing on 23rd (2020-12) · hani.co.kr
Page 28
Venture Square, [VS May TIPS Companies] Era of Personalization:
3 Startups Leading the 4th Industrial Revolution (2021-06-25) ·
LinkSolution Selected for TIPS · venturesquare.net
Page 28
Bloter, ‘Strong Demand Forecast’ LinkSolution: FI Expectations
Rise… Overhang Concerns Remain (2025-05-27) · IPO Price
KRW 23,000 (Top of Range) Confirmed · bloter.net
Page 28
Invest News, LinkSolution Demand Forecast 1,159.43:1 ·
Public Subscription 999.59:1 (2025-05) · investnews.co.kr
Page 28
Korea Exchange KIND, LinkSolution New Listing on KOSDAQ
(Listed 2025-06-10 · Tech Growth Company Segment ·
Lead Underwriter Shinhan Securities) · kind.krx.co.kr
Page 28
Hankyung, ‘3D Printing’ LinkSolution Surges 54% Early on First
Trading Day (2025-06-10) · Page 28 Clipping · hankyung.com
Pages 30·31
TechCrunch, 6-month-old, solo-owned vibe coder
Base44 sells to Wix for $80M cash(2025-06-18) ·
techcrunch.com
Pages 30·31
Wix.com Press Release, Base44 Acquisition (Initial Consideration
~USD 80 million + Earn-out through 2029, 2025-06-18) · wix.com
Page 33
Sequoia Capital, Extending Your Runway (2022-06-14) ·
Reference for Lecture Assumptions · sequoiacap.com
38
Appendix · Reference Material (Not Presented)
Page No. = Corresponding Slide
Image & Logo Credits
5/5
Pages 7·21
Server Infrastructure: NOIRLab HQ Server Racks · NOIRLab/NSF/AURA/T. Slovinský · CC BY 4.0 · Wikimedia
Commons
Page 7
Laboratory: Researcher at work in her laboratory.jpg · axventura · CC BY 4.0 · Wikimedia Commons
Pages 7·8·32
Production Automation: Factory Automation Robotics Palettizing Bread.jpg · KUKA Roboter GmbH, Bachmann ·
Public domain
Pages 2·10
Generated Images: Created with Krea2 (local ComfyUI) · Virtual scenes/illustrations · Not real companies or individuals
Pages 1·11·13·16·20·23·29·34
Generated Images (Cover, dark backgrounds, bottom photos on pp. 13·20): AI-generated · Virtual scenes · Not
real companies, individuals, or locations
Pages 5·14·15·22·25·26·28·31
Logos (Bank of Korea, Fed, Evercore, Musinsa, Rebellions, Intellicia, Genome & Companyer, LinkSolution,
Base44, Wix, Miro, Airtable, Venture Square): Official site/media CI files, unmodified · Rebellions promo image:
rebellions.ai
Pages 13·15·17·20·25·26·28·31
News Clippings: Article titles, media outlets, and publication dates cited verbatim; links in source list on pp. 35–38
Source/license statements omitted from slide body and consolidated in this section; logos and service images unmodified
39
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