The South Korean capital of Seoul has been ranked eighth among global cities for startups, its highest position ever, according to a report released Wednesday by global startup ecosystem research firm Startup Genome.
Seoul climbed one spot from ninth place last year and remained in the top 10 for the second consecutive year. The evaluation covered 300 cities in 100 countries, based on data collected between July 2022 and December 2024.
The annual rankings assessed six key areas: knowledge accumulation, funding, startup performance, market reach, talent and experience, and artificial intelligence (AI) readiness.
Seoul first entered the top 10 in 2022. However, amid a global economic slowdown marked by high inflation, interest rates, and currency volatility, it dropped to 12th in 2023. The city rebounded to ninth place last year and improved further in 2025.
According to the city government, Seoul’s performance was particularly notable in surpassing major Asian startup hubs such as Singapore (9th) and Tokyo (11th). The top five cities were Silicon Valley, New York, London, Tel Aviv, and a tie between Boston and Beijing.
Seoul received scores of 9 or higher out of 10 in five of the six categories, including perfect marks in knowledge accumulation and funding. However, it scored only 3 points in AI readiness, due to a relatively lower number of startups focused on core AI technologies, despite strengths in AI applications.
Since 2005, the Seoul Metropolitan Government has invested 906 billion won (approx. US$654 million) in its “Seoul-type R&D” program, supporting 4,018 research and development projects. An analysis of 884 recent projects showed they contributed 639.6 billion won in accumulated corporate revenue and created 5,957 jobs.
This year, the city plans to invest an additional 41 billion won to support research, development, and commercialization in six emerging industries: AI, biotechnology, quantum technology, robotics, fintech, and creative industries.
The city also launched the 3.6 trillion-won Future Innovation Growth Fund between 2019 and 2022, which invested in 1,538 companies. Additionally, the Seoul Vision 2030 Fund has raised 2.6 trillion won as of May, with a goal of expanding to 5 trillion won by next year.
To foster a sustainable startup ecosystem, Seoul is bolstering infrastructure and operating industry-specific startup hubs in Hongneung (biomedical and quantum), Yangjae (AI), Yeouido (fintech), Suseo (robotics), and Sangam (creative industries).
“Startup competitiveness is a key indicator of a city’s vitality and future potential,” said Joo Yong-tae, head of the Seoul Metropolitan Government’s Economic Policy Office. “We will continue striving to make Seoul a global top-five startup city by 2030 and foster 50 unicorn companies.”
