MUSINSA, an online fashion platform, made an investment in an ESG(Environmental, Social, and Governance) fund. MUSINSA invested 6 billion KRW in the "Envisioning Climate Solution Fund" to respond to climate changes.
Climate Solution Fund is a new domestic venture fund for Envisioning Partners to support its climate technology project. Envisioning Partners is a venture capital company founded by Jae Hyun Joo, CEO of Yellowdog, and key investors after receiving the assets from Yellowdog.
MUSINSA and companies that are highly interested in responding to climate changes and ESG internalization have invested in this fund. MUSINSA will actively cooperate with other companies that invested in the fund to foster domestic startup companies that try to solve social problems arising due to climate changes.
In addition, it tries to secure promising ESG business opportunities and human resources to tackle climate change issues and plans to design an environmental project that fashion industry companies can practice.
Jae Hyun Joo, CEO of Envisioning Partners, said, "The investments in climate technologies are increasing at a rapid speed in key markets globally, such as USA and China, and carbon-free solutions for each industry are emerging." and added, "It is expected that discussions will be held more actively regarding the climate change issues and resource recycling models with the participation of MUSINSA.
Han Moon Il, a cofounder of MUSINSA, said, "Climate change is a serious social problem nowadays. As an e-commerce platform in the fashion industry, we will start doing what we can start." and added, "As a leading fashion platform, we will be suggesting various initiatives related to the environment and lead the industry."