Lotte Accelerator, Lotte Group’s investment company, officially began its support of young startups on 27 April. Early this month, 15 companies which passed the screening process (document examination and presentations) have moved into Lotte Accelerator offices. Business areas include O2O (Online-to-Offline) solutions, healthcare and Fin Tech.
Lotte Accelerator provides these startups with KRW 20 million in capital, as well as office space and business consulting services for six months. Under the ‘L-Office’ program, two startups have access to office space for affordable prices. A variety of infrastructure is also available to these startups for only KRW 100,000 for each employee each month.
Lotte Accelerator will assist at least 200 startups over the next three years with investment and support. It is expected that Lotte Group’s infrastructure in logistics, tourism and financial services will serve as a stepping stone. Lotte will build connections between these startups and its own business under business partnership programs, and Lotte’s subsidiaries will make additional investments in those that are promising.
“Lotte Group will put good practice in place in terms of cooperation between large corporate groups and start-ups. We will help these startups to grow quickly and successfully,” a spokesperson for Lotte Accelerator stated.