The programs are estimated to inject $34.5 million into Minnesota’s early-stage, venture-backed businesses.
What to know:
- The University of Minnesota announced a partnership with the Minnesota Department of Employment and Economic Development (DEED) to launch new venture capital programs in a recent news post
- Officially launched earlier this week, the programs are focused on investments in life sciences, agriculture/food tech, climate tech, advanced manufacturing, software, and technology
- The programs are estimated to inject $34.5 million into Minnesota’s early-stage, venture-backed businesses and are part of the $97 million the state received as part of the American Rescue Plan Act of 2021
- Business can access the investments via the Minnesota State Small Business Credit Initiative’s (SSBCI) Direct Investment and Multi-Fund Venture Capital Programs
As outlined in the post, the programs are expected to:
- work directly with venture capital fund managers to reach Minnesota’s developing markets in need of capital investment;
- broaden opportunities for direct investment in early-stage startups that need access to capital to meet their goals;
- leverage the University’s expertise with investing in high-growth early-stage companies; and
- be transparent and fair, while adhering to all federal guidelines so that Minnesota may fully utilize the total amount of capital available through the programs.
The Quote: Myron Frans, Senior Vice President for Finance and Operations, University of Minnesota
"At the University, our mission is about serving all Minnesotans. We are honored to combine our broad and deep expertise in investing and our efforts to spark new businesses and growth via our nation-leading Technology Commercialization team and growing Corporate Engagement Center. These programs provide us with a once-in-a-lifetime opportunity to invest in our long-term future by supporting Minnesota startups and helping them grow."
Read the entire announcement here.