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Canada Jetlines Ltd. has announced that it has entered into a definitive subscription agreement with InHarv Partners Ltd., on behalf of a Korean special purpose fund to be called InHarv ULCC Growth Fund, for a financing of $7 million.
InHarv is a hybrid of venture capital and private equity based in Seoul, South Korea, whose strategic stance is to raise capital in South Korea for investment in cutting-edge start-ups overseas. InHarv will be acting as lead and general partner for the Korean special purpose fund, and also investing as principal.
The SPV Fund is to include the investment divisions of a number of leading Korean manufacturing and financial institutions as its group of limited partners. The SPV Fund will be created by InHarv to facilitate the investment into Jetlines.
Jong Chang, founder and chairman of InHarv, was previously lead partner of Booz Allen Hamilton, a global general management consultancy in the U.S., and a senior vice-president and founding member of KBRI (now Moody’s Korea Inc.), the first credit rating agency in Seoul.
Chang used to be one of the economic council members for the president of South Korea. He also held positions as an independent board member of LG Chemical Co. of the LG Group based in Seoul and as an independent board member of Saint-Gabain Korea, a leading flat glass maker.
Presently, Chang is the chairman of the board of ToolGen, Inc. a world leading DNA editing company based in Seoul Korea, and a board director of Verseau Therapeutics Inc. a world-leading macrophage company based in Lexington, Mass., and of Chromis Optical Fiber Company based in Warren, N.J.
Mark Morabito, executive chairman, commented: “As we continue to advance our financing initiative, I am pleased to announce the signing of the definitive agreement with InHarv. Mr. Chang and his team are seasoned in identifying high potential start-up companies and I look forward to welcoming Mr. Chang to the board of directors of Jetlines after funding is complete.”