SEOUL – Busan-based venture capital company Asia Culture Technology Investment (ACTI) has raised $15 million to launch its first content fund.

Unveiled last year during the Pusan Int'l Film Festival, the fund claims to be the first VC fund specified targeted at the cultural industry in Korea.

ACTI, which has start up capital of $7.5 million, provided $500,000 of seed capital to the fund.

It found other investors to complete the initial funding round. These include Korea Venture Investment Corp. with $4.5 million, Mediaplex $2 million, Yedang Entertainment $3.5 million and M&FC $600,000.  Additionally Busan City Council invested $2 million and the local Pusan Bank a further $1 million.

As a special purpose company, ACTI will expects to deploy 50% of its investments in performing arts, broadcasting, gaming and animation sectors, 40% in film and 10% in other cultural content.

ACTI will give priority to Busan-based projects and companies, while attracting Busan locations and post productions in the management process of the fund. A signing ceremony is scheduled to be held Thursday at Busan City Hall.

ACTI now aims to raise coin for funds later in the year. These include a $30-$50 million film fund and a $10 million game content fund.

© Reed Business Information, a division of Reed Elsevier Inc. All rights reserved.

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