A record two-point-38 trillion won was invested in business startups in South Korea last year.   

According to data by the Ministry of SMEs and Startups released Monday, investment in startups rose ten-point-seven percent in 2017 from the previous year to mark the fifth consecutive year that the figure reached a record high.

The investment amount has been on a steady rise since 2013.

The ministry said that funds set up last year will begin earnest investments from this year while new funds established this year will also contribute to an ample supply of capital into the startup market. 

The ministry also unveiled plans to legislate a law aimed at facilitating venture investments and to revamp the operation of the so-called "fund of funds," an investment strategy in which a fund invests in other types of funds.
 
It said the measures are designed to foster a resilient investment environment led by the private sector.