The number of venture firms in South Korea surpassed 30-thousand last year.

According to data by the Small and Medium Business Administration and the Korea Venture Business Association on Wednesday, there were 31-thousand-260 venture firms at the end of last year, up four-and-a-half percent from the previous year.

Their combined sales were estimated at 216 trillion won, which is larger than that of Hyundai Motor Group that ranked second in sales rankings.

According to local businesses’ sales rankings released by the Fair Trade Commission in April, Samsung Group topped the list with 300 trillion won and Hyundai ranked second with 146 trillion won.