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Venture capital investment surged to a record high of 4.3 trillion won ($3.86 billion) last year on growing expectations for the growth of bio, medical and information technology sectors amid the coronavirus pandemic, as well as government-backed row materials, parts and component businesses.

This was 26.8 billion won higher than the previous high of 2019, said the Ministry of SMEs and Startups on Wednesday.

The number of investments totaled 4,231 and the beneficiary companies 2,130, both all-time highs.

Venture funds amounted to 6.57 trillion won, up 54.8 percent from the previous year. The previous record high had been in 2018 when funding totaled 4.85 trillion won.

The biggest drivers of growth were bio and medical, ICT, materials/components/equipment sectors. The bio and medical sector showed the biggest rise, jumping 93.7 billion won from the previous year on growing demand for bio and medical products, as well as IT devices and fast networking services during the pandemic. This was followed by electronics/machinery/equipment at 70.2 billion won and chemicals/ materials at 55.4 billion won.

The strong stock market performance of these sectors appears to have fueled demand for related businesses in the venture capital market, said Kang Seong-cheon, interim minister of SMEs and startups.

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