PEN Ventures

What PEN Ventures does

PEN Ventures is a Seoul-headquartered global accelerator and investment firm that supports early-stage deep-tech and sustainability startups (Pre-Seed to Series A) seeking cross-border expansion between Korea and international markets. The firm operates a bidirectional platform: inbound programs such as the K-Startup Grand Challenge, NIPA x PEN Ventures Demo Days, and DEEPS 1000+ help foreign startups enter Korea, while outbound programs including KSC France (with HEC Paris), KSC Sweden (with Epicenter), Baby Unicorn 200, and GITEX Africa initiatives help Korean startups expand into Silicon Valley, Europe, the Middle East, and Africa. PEN also operates an open innovation and venture building vertical, running reverse pitching events with major Korean corporates and CVCs (Samsung Life Insurance, Hyundai Motor Group, LG CNS, SK Ecoplant, POSCO Technology Investment, KEB Hana Bank, among others) and the Dominion Energy Open Innovation program in the energy and sustainability vertical.

PEN Ventures derives revenue through three mechanisms: government-sponsored program management fees from Korean agencies (NIPA, KISED, Ministry of SMEs and Startups, Seoul Business Agency), equity returns from Pre-Seed to Series A investments, and corporate open innovation consulting. The firm is contracted to host multiple flagship programs simultaneously and reported mobilizing 370 billion KRW in investments across 162 deep-tech startups under the BIG3 program, 2.184 billion KRW in exports across 201 KSC companies by 2021, and 2,626 international startup applications for the K-Startup Grand Challenge 2025 (a 54% year-over-year increase). It maintains seven offices across Seoul (HQ plus two branches), Palo Alto, New York, Stockholm, and Singapore, and works with over 100 partner organizations including VISA, BNP Paribas, Citigroup, DBS Bank, Standard Chartered, MS&AD, and the Korea Fintech Industry Association.

The firm has no proprietary technology platform and operates as a services-based accelerator; its competitive position rests on its privileged access to Korean government program budgets, its distribution network across seven global offices, and the density of its corporate and banking partner ecosystem. Leadership is small (1-10 employees, six named founders/partners including CEO Myoungsoo Song and partners Yoo Shin Jung, Henry Sang, Jacob Reidhead, Mike Robinson, and Jonas Andersson), and the company remains privately held with no disclosed funding rounds or revenue figures.

Name

PEN Ventures

Legal name

PEN VENTURES

Website

https://pen.ventures

Company type

Private

Operating status

Operating

Headcount range

1–10 employees

Short description

PEN Ventures is a Seoul-based global accelerator and investor that runs government-backed acceleration programs (K-Startup Grand Challenge, BIG3, KSC France/Sweden, Baby Unicorn 200) to help deep-tech and sustainability startups expand between Korea and international markets across seven global offices.

Ownership category

akta.pro rank

Product category

Venture Capital & Accelerator Services

NAICS

Open-End Investment Funds (52591), Other Financial Vehicles (52599)

SIC

Investment Advice (6282), Finance Services (6199)

akta.pro primary industry

Corporate Venture Studios & Incubators (Build/launch ventures) (FSANAHAC)

akta.pro secondary industries

Venture Debt Providers (FSANAAAL), SDG / Thematic Sustainable Investment Funds (FSANAJAN), Emerging Manager / Seeding Platforms (Multi-Manager) (FSANAGAF)

Keywords

• Startup acceleration services
• Venture capital investment
• Government accelerator programs
• Open innovation consulting
• Global market expansion

Headquarters

HQ city

Palo Alto

HQ country

United States

HQ region

North America

Offices7 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Infrastructure

Revenue model

1. Accelerator Program Management (Government Contracts): PEN Ventures earns fees for operating government-sponsored acceleration programs on behalf of Korean agencies such as NIPA, KISED, and the Ministry of SMEs and Startups. Programs include K-Startup Grand Challenge, BIG3, Baby Unicorn 200, K-SCouter, DIPS 1000+, and KSC France/Sweden. Budgets are public (e.g., DIPS 1000+ Tech Conference: 650 million KRW; GITEX Expand North Star: 180 million KRW).
2. Investment Returns (Equity): PEN Ventures invests in Pre-Seed to Series A startups in Deep Tech and Sustainability sectors, focusing on those with high international market expansion potential. Returns are realized through equity exits.
3. Open Innovation / Venture Building Consulting: PEN Ventures earns fees for designing and operating PoC (Proof of Concept) and pilot programs that bridge startups with large corporations. Programs such as Dominion Energy Open Innovation and reverse pitching events with CVCs generate consulting and program management revenue.

Go-to-market motion2 records

Distribution channels3 records

Marketing channels4 records

Core offering

PEN Ventures operates as a global accelerator and venture investment firm that manages government-sponsored acceleration programs and invests in deep-tech and sustainability startups from Pre-Seed to Series A stages. The firm delivers structured programs such as mentoring, English IR assessments, business model consulting, PoC/Pilot design, and investor matchmaking for startups expanding internationally, while also serving as a host organization contracted by Korean government agencies (NIPA, KISED, Ministry of SMEs and Startups).

Product overview

PEN Ventures operates as a global accelerator platform offering four interconnected service pillars: Investment (Pre-Seed to Series A in deep-tech and sustainability), Global Accelerating (government projects, global batch programs, venture studio), Open Innovation (bridging startups to global corporations), and Venture Building (in-house program management infrastructure). The company runs multiple named programs including DEEPS 1000+, Seoul Startup Hub M+ Global Acceleration, KSC Program, Big 3, Baby Unicorn 200 Global IR Program, K-Startup Grand Challenge, and Dominion Energy Open Innovation.

Differentiator

Problem solved

Functional benefit

Products and services

• Investment Services Equity investment in promising Pre-Seed to Series A startups operating in deep-tech and sustainability sectors with international expansion potential, with returns realized through equity exits.
• Global Accelerating Program Comprehensive acceleration service providing English IR assessments, expert mentoring, financial guidance, investment strategies, networking events, and ongoing investor connections for startups seeking global expansion.
• Open Innovation Services Facilitation of innovation between global startups and large corporations through Proof of Concept (PoC) and pilot program support, strategy programs, deal sourcing, and meaningful partnership connections.
• Venture Building Infrastructure establishment for in-house program management and operation, including creating dedicated operational entities, setting up operational and investment protocols, and nurturing startups in collaboration with corporations.
• K-Startup Grand Challenge Korea's largest-scale inbound program hosted by NIPA, supporting leading global startups to enter the Korean market with mentoring, business model consulting, IR coaching, and investment linkage.
• BIG3 Korea's largest deep-tech startup development program providing customized support through open innovation with companies and PoC/Pilot program attraction, run under the Ministry of SMEs and Startups framework.
• Baby Unicorn 200 Global IR Program Korea's largest outbound investment attraction program, supporting global expansion to Silicon Valley and Singapore for baby unicorn companies seeking global market entry.
• KSC Program (K-Startup Center)

Quantifiable outcome

• 370 billion KRW in investments attracted for 162 deep-tech startups under the BIG3 program
• +6 more outcomes

Named customers15 records

Segments4 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Twelve partnerships are on record, tiered core.

• Korea-Africa Foundation (KAF)coreStrategic or Co-development Partner · 23 April 2025Korea-Africa Foundation (KAF), in partnership with PEN Ventures and IMPACT Lab, has spent three years supporting Korean startups at GITEX Africa in Morocco. The program facilitates technology deployment and co-innovation tailored to African markets, exemplified by Bodit's livestock sensors that reduced mortality rates. At GITEX Africa 2025, H2O Hospitality signed an agreement with Moroccan Wi-Fi provider OMNIUP through this partnership.
• Korea Business Angels AssociationcoreGTM or Marketing Partner · 8 August 2023PEN Ventures co-hosts the Tech Founders Club Forum with the Korea Business Angels Association, a community event for entrepreneurs, innovators, and investors to support and activate the global startup ecosystem.
• Korea Fintech Industry AssociationcoreStrategic or Co-development Partner · 30 May 2023Pen Ventures Korea signed an MOU with the Korea Fintech Industry Association (Chairman Lee Geun-joo) to support the growth of promising fintech companies through collaborative investment promotion projects, technology exchanges, and ecosystem development. The association discovers promising startups and provides fintech expertise and networks.
• Digital Economy Finance Research Institute (DEFI)coreStrategic or Co-development Partner · 30 May 2023Pen Ventures Korea signed an MOU with DEFI (President Jeong Yoo-shin, Graduate School of Technology Management at Sogang University) to provide information and insights on digital finance and related fields, contributing to fintech ecosystem development and investment promotion.
• VISA, BNP Paribas, Citigroup, MS&AD, DBS Bank, Standard CharteredcoreStrategic or Co-development Partner · 30 May 2023Pen Ventures Korea works with global cooperation partners including VISA, BNP Paribas, Citigroup, MS&AD, DBS Bank, and Standard Chartered to discover global collaboration opportunities for K-fintech companies and build networks with overseas market investors.
• HEC PariscoreStrategic or Co-development Partner · 18 April 2023PEN Ventures Korea was selected as host of the 2023 K-Startup Center Program and collaborates with HEC Paris to support domestic startups' entry into France through an omnidirectional incubation program including business meetings, base expansion roadmap, and marketing activities. HEC Paris is a business school established in 1881 and founding partner of Station F, the world's largest startup campus.
• Epicenter (Sweden)coreStrategic or Co-development Partner · 18 April 2023PEN Ventures Korea collaborates with Epicenter in Stockholm for the K-Startup Center Sweden program. Epicenter, located in the heart of Northern Europe, is home to global companies such as AWS, Spotify, and Volvo, and provides customized programs through business meetings and local ecosystem establishment.
• Korea Technology Finance CorporationcoreStrategic or Co-development Partner · 7 April 2023Global accelerator Pen Ventures Korea signed a three-way business agreement with Korea Technology Finance Corporation and Cimbal Capital Group in Silicon Valley, California, to expand startups' global expansion. The agreement aims to strengthen competitiveness through support for overseas expansion of technology ventures and young entrepreneurs.
• Cimbal Capital GroupcoreStrategic or Co-development Partner · 7 April 2023Cimbal Capital Group, a private equity firm focused on IoT and software services established in 2015, signed a three-way MOU with Pen Ventures Korea and Korea Technology Finance Corporation. The firm has created more than $1.5 billion in transaction value with a portfolio of more than 20 companies. The partnership aims to discover and nurture excellent startups in Korea and the US.
• IBK Industrial Bank, POSCO Technology Investment, Samsung Life Insurance, LG Science Park, NH Group, Hyundai Motor Group, VNTG, LG CNS, KEB Hana Bank, SK Ecoplant, Kyobo Life, Kyowon, SM Culture Partner (13 corporations and CVCs)coreChannel Partner/ Reseller/ Distributor · 17 November 2022PEN Ventures Korea held a reverse pitching event where 13 large-scale companies and CVCs (including IBK Industrial Bank, POSCO Technology Investment, Samsung Life Insurance, LG Science Park, NH Group, Hyundai Motor Group, VNTG, LG CNS, KEB Hana Bank, SK Ecoplant, Kyobo Life, Kyowon, SM Culture Partner) presented their programs and investment attraction opportunities to startups, facilitating open innovation dialogue.
• Seoul Business AgencycoreStrategic or Co-development Partner · 5 September 2022Pen Ventures Korea participated as the investment attraction supervising organization for the 'BIG 3 Innovative Startup Package' program of the Ministry of SMEs and Startups and Korea Institute of Startup & Entrepreneurship, cooperating with Korea Investment Accelerator. Together they organized BIG3 X Pen Ventures X Korea Investment Accelerator Demo Day as part of Try Everything 2022.
• Korea Investment AcceleratorcoreStrategic or Co-development Partner · 5 September 2022Korea Investment Accelerator co-hosted the BIG3 X Pen Ventures X Korea Investment Accelerator Demo Day with PEN Ventures and Seoul Business Agency. Judges from Korea Investment Accelerator and Korea Investment Partners provided feedback for participating companies and held follow-up meetings for investment review.

Scale indicators9 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Y Combinator: World's largest startup accelerator running batch programs, demo days, and investor matching. Directly comparable to PEN Ventures' K-Startup Grand Challenge and BIG3 cohorts in structure and target customer (early-stage startups seeking market access and capital).
• Techstars: Global accelerator with mentorship-driven programs, corporate partnerships, and an accelerator fund. Closely aligned with PEN's mix of accelerator programming, corporate open innovation (reverse pitching), and Pre-Seed/Seed investment.
• Plug and Play: Silicon Valley-headquartered accelerator and venture fund specializing in vertical-specific programs and corporate innovation. Comparable to PEN's industry-vertical deep-tech cohorts and CVC reverse pitching format.
• 500 Global: Multi-stage VC and accelerator running seed programs across emerging markets and verticals. Comparable geographic-diversification model and seed-stage accelerator operations to PEN.
• SOSV: Accelerator-operator running vertical-specific programs (HAX, IndieBio, dlab) with deep tech focus. Comparable to PEN's deep-tech acceleration portfolio and accelerator-as-a-fund model.
• Antler: Global early-stage VC and founder-matching accelerator with presence across Asia, Europe, and the Americas. Comparable international cohort structure and Pre-Seed investment approach to PEN.
• Startupbootcamp: Global accelerator network running vertical and geography-specific programs with corporate partners. Comparable cohort structure and corporate open innovation model to PEN's reverse pitching and PoC programs.

Regional players

• D.CAMP: Korean startup accelerator and platform based in Seoul. Comparable as a domestic Korean accelerator competing for the same government-affiliated programs and Korean early-stage startups.

Others

• Korea Technology Finance Corporation (KOTEC): Korean government-backed tech financing institution and a PEN Ventures MOU partner. Comparable as a Korean policy-aligned ecosystem player, though operating as a public financing institution rather than a private accelerator.

Broad incumbents

• Cimbal Capital Group: Silicon Valley-based PE firm focused on IoT/software with which PEN signed a three-way MOU. Comparable as a transpacific PE/accelerator operator bridging US and Korean startup ecosystems, though at a broader incumbent scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/penventures

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about PEN Ventures