Korean startup dynamo Fast Track Asia gets $8M funding to kickstart more ventures

NEWS BRIEF:

South Korea’s Fast Track Asia, which combines a VC, incubator, and accelerator, has secured US$8 million in funding to help it kickstart more young startups. The investment was led by Korea-based Wonder Holdings with contributions from New York-headquartered Insight Venture Partners, which is a prior investor.

Fast Track Asia, which was founded in 2011, is a bit like Rocket Internet, the Germany-based startup dynamo, in the way it helps establish and then gives serious backing to new startups. One big difference is that Fast Track Asia’s ventures are focused just on South Korea, which is a relatively small market of just 50 million people. It has spawned startups covering education (Fast Campus), fashion ecommerce (Stripes), and food ordering (HelloNature – pictured above), to name but three of the eleven in the portfolio.

CEO Ji-woong Park indicates that the funding will go towards creating more new companies each year.

Source: Besuccess