Busan is good

B-Startup Challenge Opens the Stage for Innovative Startups

내용

Busan Metropolitan City (Mayor Chun Jae-soo) announced that the 8th B-Startup Challenge, a startup investment competition, will be held at BEXCO on October 8.

Since its launch in 2019, the B-Startup Challenge has become Busan's premier startup investment competition, now in its eighth year. To date, it has produced 34 award-winning companies and helped attract cumulative follow-on investments totaling KRW 78.85 billion.

The event is jointly hosted by Busan Metropolitan City, BNK Busan Bank, and Busan Munhwa Broadcasting Corporation, and organized by the Busan Startup Investment Agency and BNK Venture Investment.

Following last year's successful collaboration in 2025, Busan Metropolitan City will once again hold the competition in conjunction with FLY ASIA, the international startup expo, in 2026. This partnership is expected to introduce participating companies to a broad network of global venture capital firms and accelerators, further expanding their opportunities for international growth.

The competition is the only startup investment competition among local governments in Korea that provides equity investment. For early-stage startups that often face difficulties in securing investment, the competition offers a valuable opportunity to establish a solid foundation for growth through KRW 300 million in seed investment and related support programs.

One of last year's Grand Prize winners from Busan, Bark Co., Ltd., which developed innovative foot-care products created by physicians, successfully achieved an investment exit through its acquisition by Gangnam Pharmaceutical, a company with extensive medical and pharmaceutical distribution networks. This case, in which a startup founded in Busan successfully progressed from investment attraction to acquisition, demonstrated both the growth potential of Busan's startup ecosystem and the effectiveness of the city's support policies.

Another 2025 Gold Prize winner from Busan, Simple Planet Co., Ltd., a developer and producer of sustainable cell-cultured food ingredients, was selected for a joint partnership program between the Bezos Earth Fund and The Earthshot Prize. It was the only Korean company selected among innovative climate and nature-focused enterprises worldwide.

This year's competition will provide equity investments totaling KRW 300 million. Investment amounts will be fully funded by BNK Busan Bank and awarded as follows: KRW 130 million for the Grand Prize, KRW 80 million for the Gold Prize, and KRW 50 million for the Silver Prize. In addition to investment, participating companies will receive various follow-up benefits, including support through the BNK Busan Bank SUM Incubator Program, a Pre-IR Coaching Program to strengthen investor presentation skills before the final competition, corporate investor relations (IR) sessions, and investment consultation opportunities.

The competition is open to startups established within the past five years, with no regional restrictions on eligibility. Interested companies may submit applications online through the Busan Startup Portal (www.busanstartup.kr) by July 29.

Based on evaluations of technological competitiveness, growth potential, and other criteria, 10 companies that successfully pass the document review and preliminary screening will advance to the final competition at BEXCO on October 8, where five winners will be selected and awarded.

For inquiries regarding the competition, applicants may contact the Busan Startup Investment Agency at +82-51-715-1741 or +82-51-715-1796.