Seoul expands hunt for global unicorns with high-stakes startup prize

“Korea’s capital is ramping up efforts to position itself as a premier global tech hub, leveraging the international momentum of K-culture to lure promising foreign startups into its ecosystem. The Seoul Metropolitan Government announced Tuesday that it was launching the "2026 Seoul Unicorn Challenge," a prominent international startup competition aimed at discovering innovative companies and embedding them within the city’s rapidly growing venture network. The initiative reflects a broader strategy by municipal officials to upgrade Seoul's domestic startup landscape to global standards while forging cross-border corridors for local firms. Established in 2020 as the "Korea Challenge," the competition underwent an institutional pivot in 2023 to allow non-Korean entrants. Past graduates have secured significant venture capital. The 2025 grand prize winner BeringLab, an artificial intelligence translation developer, successfully raised 3 billion won ($2.2 million) during a pre-Series A round following its victory. This year, the city has adjusted its quotas to heavily favor internationa

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