The winner of the K-Startup Grand Challenge 2022 receiving a $120,000 prize is German food tech startup Koralo


German food tech startup Koralo wins the coveted “2022 K-Startup Grand Challenge” as the best foreign startup team this year. Launched in 2016, the K-Startup Grand Challenge (KSGC) 2022 is the Korean accelerator program that helps excellent foreign technology entrepreneurs start up and settle in South Korea.

A total of 2,653 teams from 122 countries around the world applied for this year’s “K-Startup Grand Challenge”, recording a competition ratio of 52:1, the highest ever. 51 startup teams have been selected through screening and auditions to enter Korea in July. The 51 teams prepared for Demo Day at Pangyo Startup Campus for 15 weeks from August under the care of national startup planners.

These latest teams of selected startups presented their products, services and business plans during the Demo Day which was held for three days from November 9 to 11. The top 30 teams were selected for the final round and received additional settlement support for 15 weeks. In particular, a total of $320,000 in prizes is given to the teams from 1st to 10th, and a prize of $120,000 is given to the top team.

Winner of the K-Startup Grand Challenge 2022

Crew Koralo from Germany took first place this year, receiving a cash prize of $120,000 at the awards ceremony. Koralo is a German food technology start-up that produces and develops vegan fish made from microalgae. The founders of Koralo are Dr. Guido Albanese and Sina Albanese. The startup received favorable reviews from domestic and overseas judges during Demo Day. “We were able to settle in Korea easily by receiving practical support from the government, such as visas and settlement grants. Participating in the K-Startup Grand Challenge has been a great business experience,” the Koralo team said in their award acceptance speech.

Second place to receive $70,000 in prizes went to Singapore my first, which introduced smart devices and child management solutions. america Nao Now took third place for its online English learning platform connecting Korean and American students.

The top 30 teams, including ten who received prize money, will receive additional support of 12.25 million won in settlement assistance for approximately 15 weeks. Also, additional childcare and networking services for domestic startup planners and office space at Pangyo Startup Campus or Seoul/Daejeon Tips Town will be provided by the first half of the year. next to help startups advance their business model.

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