Lotte Ventures is establishing itself as a leading private accelerator in Busan's startup ecosystem. Over the past decade, it has invested in 34 startups and directly nurtured 28 companies. The firm is credited with building a growth ladder that goes beyond simple investment, connecting startups to proof-of-concept (PoC) projects with large corporations, open innovation, and overseas expansion, thereby supporting regional startups in their national and global growth.
Lotte Ventures said Thursday that it has nurtured 28 startups to date through L-CAMP, a startup accelerating program it has run since 2016, and has invested in 34 companies through a fund established with the Busan Center for Creative Economy & Innovation (BCCEI).
L-CAMP is a flagship startup-nurturing program that selects promising early-stage companies and supports them with proof-of-concept (PoC) projects involving Lotte affiliates, investment connections, dedicated mentoring, and legal and accounting advisory. The goal is to help startups verify their business viability and enhance their market competitiveness.
A representative success story is Nieder, which operates the short-term job platform "Geupgu." Nieder advanced its business model through collaboration with affiliates including Lotte Hotel, Lotte Global Logistics, and Korea Seven, and attracted cumulative investment of 18 billion won as follow-on investment continued. The app currently has 2 million downloads, with monthly short-term job postings reaching 40,000.
Caredoc, a senior care platform, and Faitalab, a food and beverage ordering solutions company, are also representative companies that grew through L-CAMP. Caredoc has grown into a leading domestic care platform and is currently pursuing an IPO.
This year's 14th L-CAMP cohort newly includes Busan startup Farmcove. Farmcove operates "Thank You Market," a platform that inspects and resells returned or leftover inventory items. The company was recognized for its resource-circulation business model and its capacity for managing returned goods. Lotte Ventures expects to create synergy through future collaboration with Lotte's retail affiliates.
The firm has also steadily expanded its investment base. Lotte Ventures has invested in regional early-stage companies by establishing the "Lotte-BCCEI Funds No. 1 and No. 2" together with the Busan Center for Creative Economy & Innovation. Some portfolio companies saw their corporate value grow more than 20-fold following initial investment, serving as a catalyst for private venture investment.
Support for commercialization has also been active. Through an open innovation program connecting regional startups with group affiliates including Lotte Department Store, Lotte E&C, Lotte Wellfood, and Lotte Global Logistics, the firm has facilitated 39 collaborations to date. It has also supported 28 startups in entering the Japanese market and attracting local investment, together with the Busan Center for Creative Economy & Innovation.
"Over the past 10 years, we have built a foundation for the growth of Busan startups through investment, accelerating, and open innovation," said Lee Dae-woo, head of Lotte Ventures' Busan branch. "We will continue to further expand our support for global expansion and investment so that promising regional companies can be competitive in the global market as well."
