IT Park Ventures, SparkLabs and Mirae Asset sign term sheet for a $2M venture fund

IT Park Ventures, SparkLabs Group Management and Mirae Asset Venture Investment signed a Term Sheet on September 15 in Seoul to create the SparkLabs Mirae Silk Road Fund I LP. The signing took place during the visit of Uzbekistan's President Shavkat Mirziyoyev to South Korea. A memorandum of understanding was signed at the same time, in the presence of Deputy Minister of Digital Technologies Zhamol Makhsudov.

The fund starts with $2 million in initial capital and can grow to $10 million. Its strategy targets mature startups from Series A and above. IT Park Ventures is considering joining as an anchor limited partner, in stages and subject to legal, regulatory and corporate approvals.

SparkLabs is a South Korean platform for acceleration, venture investment and international scaling. It works with Google for Startups, Samsung and Mercedes-Benz Korea, and runs programs in Korea, Australia, Taipei, Saudi Arabia and the United States. Mirae Asset Financial Group, founded in Korea in 1997, manages close to $1 trillion in assets and operates in 21 countries through 67 international offices.

The fund plans to focus on Central Asia and Uzbekistan, looking for technology companies tied to the region and helping them reach international markets. A SparkLabs office will open at IT Park in Tashkent to support the fund's work in the region.