The article analyzes the role of venture capital firms in the KOSDAQ IPO market. It compares companies supported by venture capital to those without support in terms of returns, time to IPO, and ownership changes. The study found that venture capital-backed IPOs had higher underpricing after registration, indicating a significant difference in post-registration returns. Venture capital-backed companies also had shorter time to IPO. High-reputation venture capital firms showed different results compared to general venture capital firms. Overall, venture capital firms in South Korea play a significant role in reducing information imbalances between investors and issuers in the IPO market.