The Korea Herald


LG sets up $100m global startup investment fund with Clearbrook

By Jo He-rim

Published : Aug. 3, 2023 - 15:42

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Rhee Sok-woo, head of LG Nova and senior vice president of innovation for LG Electronics (LG Electronics) Rhee Sok-woo, head of LG Nova and senior vice president of innovation for LG Electronics (LG Electronics)

LG Electronics said Thursday it has forged a strategic alliance with Clearbrook, a global investment advisory and asset management, to collaborate on a venture capital fund targeting more than $100 million.

The venture capital fund, dubbed Nova Prime Fund, is aimed at fostering companies advancing innovations to build a better future, and will be investing in those participating in the Mission for the Future Program sponsored by LG Electronics' North America Center for Innovation, LG said.

“As a part of our business transformation to a Smart Life Solution company, LG is innovating to expand its services and solutions in new areas of business growth,” LG Electronics CEO Cho Joo-wan said.

“The strategic investments we’ve made with LG Nova and its Mission for the Future Program have led us to take the next step in working with Clearbrook and others to support the accelerated growth of new technological solutions in digital health, sustainability and future solutions platforms that benefit society. Clearbrook’s investment track record with a clear focus on impact and sustainable investing aligns perfectly with LG Nova’s mission.”

LG said the Nova Prime Fund, based in Silicon Valley, will focus on investing in mission-driven companies concentrated on sustainable energy, digital health, immersive AI, and industries of the future.

ClearImpact Ventures, Clearbrook’s venture capital arm, invests at the intersection of sustainability, profit and purpose, and will act as general partner of the Nova Prime Fund while LG Electronics will be a limited partner, LG explained.

LG Nova will serve as a contributing source of innovative companies for the fund to invest in and provide a commercial acceleration path for those companies selected through its programs, the company said.

“We anticipate that LG Nova’s acceleration capabilities will help startups, as well as our portfolio companies, succeed in their business initiatives -- providing a valuable scenario for the fund to achieve its mission of growing companies that provide a positive impact on society," Clearbrook’s chairman and CEO Elliott Wislar said.

“Our focus will encompass environmentally friendly solutions with a reduced environmental impact, and we will actively seek to support cutting-edge innovations in health care, sustainable energy, and other solutions that foster a smarter, healthier lifestyle.”