The Kansas Bioscience Authority (KBA) will invest $50m in eight private venture capital funds investing in bioscience companies.
In particular, the KBA board of directors approved commitments to invest with the following venture capital firms:
– Burrill & Company, San Francisco, CA
– MPM Capital, Boston, MA
– IN Partners / MidPoint Food & Ag, Carmel, IN
– Meadowlark Venture Partners, Chicago, IL
– Midwest Venture Partners, Chicago, IL
– Open Prairie Ventures, Olathe, KS
– Prolog Ventures, St. Louis, MO
– Triathlon Medical Ventures, Cincinnati, OH
These funds provide a range of expertise in the bioscience sectors in which Kansas has existing strengths: animal health, bioenergy, biomaterials, plant biology, and human health.
To qualify for KBA investment, the eight funds were required to have a substantial presence in the state, including establishing Kansas offices, raise a minimum of $25m from private and institutional sources, effectively leveraging KBA’s investment to $250m.
In making the announcement, KBA president Tom Thornton said: “Capital is the lifeblood of bioscience companies. Innovators all across Kansas are developing world-class bioscience products and services only to see their true societal and economic development potential suffer for a lack of early stage capital.
“With the KBA’s investment commitments, Kansas is attracting the attention of some of the most respected venture capital firms in the country to help high growth potential bioscience companies in Kansas access growth capital to gain full-scale commercialization”.
“With the KBA’s investment commitments, Kansas is attracting the attention of some of the most respected venture capital firms in the country to help high growth potential bioscience companies in Kansas access growth capital to gain full-scale commercialization”.
FinSMEs
09/10/2009