Leading global accelerator Nest announced today the firm will be opening an office in Korea, the company’s first office in East Asia. The addition of Korea brings the firm’s global presence to 5 markets, spanning Hong Kong, Bangkok, London, Nairobi, and Seoul.
In Korea, the firm will focus on working with Korean entrepreneurs targeting overseas markets, in particular Southeast Asia, the Middle East, and Europe. Local operations will be led by B Labs, a venture builder backed by angel investment group, Bridge Partners.
“We have been working with Korean entrepreneurs since 2016 when Blue Signal joined our Hong Kong Infiniti Motors Mobility Accelerator. Given the growth in validated startups looking to expand internationally, it’s the right time to establish a permanent presence in Korea with B Labs,” said Lawrence Morgan, CEO of Nest.
The Korean startup ecosystem has seen significant growth in the past decade catalyzed by a strong mobile infrastructure, abundant public and private support, and a robust local talent pool of entrepreneurs and engineers. The country is a leading global tech hub with 11 unicorns, placing them fourth globally only behind China, the United States, and India according to CB Insights. Now, after significant domestic success, Korean startups are increasingly looking to export business models, technology, and products overseas.
The Korean operations of the group will be operated under the brand “Nest Korea” with two key business activities: running foreign expansion focused accelerator programs as well as seed investments.
“From my own experience of working with Nest as a founder of Briphy, an on-demand photo/videography service headquartered in Seoul, I have a firm belief that Nest will provide a very positive impact to the Korean venture ecosystem. We look forward to tapping into Nest’s global networks of investors and corporates to accelerate the path of international expansion for Korean startups” said Andrew Shin, Venture Partner of Nest Korea & CEO of Briphy.
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