State VC Funds

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State VC Funds

Seven U.S. states, Alabama, Colorado, Florida, Missouri, New York, Texas, and Wisconsin, have Certified Capital Company investment programs, which are a form of venture capital funding sponsored by the corresponding state government. Wisconsin, Colorado, New York, and Missouri also have other VC funds or programs. Twenty-eight state sponsored venture capital funds programs are detailed below, and 30 states were reviewed for state sponsored VC funds or programs. Details of a few states without current programs are discussed. Research determined others are without current programs, which include California, Delaware, New Hampshire, and Kansas.

The State Funds & Programs

  • The fund currently has VC capital investments in 15 companies.
  • Directors and officers of the program may be contacted at 407-838-1402. Robert Schlotman is listed as the president and executive director. Direct contact information for Enterprise Florida, the management arm of the program, lists 407-956-5607 as the contact phone number and an email:
  • Current funding for the program is directed by the Florida Capital Formation Act, which the Florida Legislature passed in 2018.
  • The fund's June 2020 annual report shows $21,288,870 for investments in venture capital partnerships and $36,705,087 in direct investments for the program.
Oklahoma- 1) i2E and 2) Oklahoma Capital Investment Board
  • i2E is the management arm of the Oklahoma Center for the Advancement of Science and Technology, which directs the state's VC investments, and managed $2.9 million of state disbursed funds in FY 2020, a decrease from FY 2019 of almost $1 million.
  • Scott Meacham is the fund's president and CEO, and may be reached at 405-813-2401 or email He explains the program's details in a recent article written in The Oklahoman.
  • The Oklahoma Capital Investment Board through its Venture Investment Program makes investments in venture capital funds that invest in Oklahoma businesses by offering transferable tax credits.
  • "The Board has made commitments to 19 venture funds. More than $163 million has been invested in 36 promising Oklahoma businesses as a result of OCIB’s venture activities."
  • Diana Mooney is the Board's assistant secretary and may be reached via phone at 405-848-9456 or email: Or, Devon Sauzek, President of the Oklahoma Capital Investment Board may be reached at 405-848-9456.
Missouri- Missouri Technology Corporation/Missouri SEED Capital Co-Investment
  • The Missouri Technology Corporation is a public-private partnership that is responsible for the Missouri SEED Capital Co-Investment program, which "supports technology startups through matching equity or convertible debt investments up to $500,000 for the purpose of technology and business development".
  • The contact information for the program is Amy Steinman at or 573-751-7265 or Dr. Jack Scatizzi, its executive director at
  • Their portfolio of dozens of companies may be viewed on their website, and the corporation shows $27,829,033 in investments for FY 2020, as well as over $14 million additionally in cash-on-hand.
  • The New York Ventures Direct Fund is directed by Pravina Raghavan and may be reached through general contact information for the ESD: (800) 260-7313 or No further personal contact information was found in the public domain.
  • While the fund's website states the fund is responsible for more than $100 million, the total amount invested by the NYSIVC Fund in 2018 in eighteen companies was $11,298,282, according to the fund's most recently published annual report. In 2019, the governor of New York announced $45.9 million was fully invested.
  • The Greater Colorado Venture Fund is estimated to be $15 million and invested more than $9 million in 2019. It's focused on venture capital to assist rural start-ups.
  • Sonya Guram is the program manager and can be reached at (303) 892-3804.
  • The Colorado Venture Capital Authority "allocated $9 million (plus up to an additional $3 million option) for a new investment fund that will provide seed and early-stage investment capital and/or debt to qualified rural businesses in the state."
  • Buckeye Venture Partners, LLC is the program administer and Stephen A. Baker is the managing director. The only contact information available is Buckeye Venture Partners address at 41 S. High St., Suite 2495 Columbus, OH 43215 and a fax number 513-361-7605.
  • "To date, the Ohio Capital Fund has obtained $150 million of commitments from private resources for investment in qualified venture capital funds."
  • Its 2019 annual report shows the fund invested $381 million of underlying funds into 107 early-stage companies.
  •  The state of Indiana provides state tax credits to VC funds that invest in eligible Indiana based companies through its Venture Capital Investment Tax Credit program. The program has a $12.5 million cap.
  • The lead contact is Lee Robinson, who can be reached at or 317-233-3638.
  • Texas CAPCOS are a group of government-sponsored, private venture capital companies.
  • The Comptroller’s office and the Texas Treasury Safekeeping Trust Company are responsible for administering the $400 million CAPCO program, which are funded by insurance premium tax credits of investments made by Texas insurance companies.
  • In addition, the Texas Economic Development Fund allocates capital to the Jobs for Texas (J4T) program, which has allocated all of its funds, and the Capital for Texas (C4T) program. Both programs are administered by the Texas Department of Agriculture.
  • On page 93 of the Texas DofA annual report, the annual allocation of the funds to the Texas Economic Development Fund is listed as $5,620,877.
  • The New Jersey Economic Development Authority sponsors several venture capital initiatives including B2S Venture Challenge Support Program, which supports start-ups individual grants of $100,000 to eligible NJ-based entities applying to the 2020 B2S Venture Challenge; and Venture Fund Investments, which has invested an average of $2.6 million per fund commitment.
  • "Evergreen Fund will make available approximately $500 million in venture capital funds to be invested into New Jersey-based startups. Of the $500 million total, $250 million will be raised by competitively auctioning state tax credits to New Jersey corporations over five years." The fund's CEO is Tim Sullivan and may be reached using the main office's number: (609) 858-6700.
  • Business Oregon is the state's economic development agency, managed by the Business Oregon Commission, and administers the state's fund of funds, which provides funds for local private equity and venture capital funds. No further information relevant to the fund's size or operation is available in the public domain.
  • The state's economic development capital fund, Oregon Growth Board, includes Oregon Growth Account and Oregon Growth Fund. The Oregon Growth Board is managed by a nine-member voting board.
  • Business leaders have attempted to persuade the State of Arizona to initiate a government sponsored venture capital fund for more than 20 years without success. No further state sponsored VC fund or related tax incentive was found during research.
New Mexico- New Mexico Catalyst Fund
  • The Illinois Growth and Innovation Fund "was structured as an evergreen fund designed to allocate capital on a recurring basis. In 2018, Illinois Treasurer Michael W. Frerichs announced an increase to the amount of investment capital available in ILGIF, increasing the total to approximately $1 billion in available investment capital over 10 years from the State's existing investment portfolio."
  • The contact for the fund is the state's treasury office:, which published the Illinois Growth and Innovation Fund Investment Policy Statement. The program administrator is 50 South Capital Advisors, LLC.
Massachusetts- MassVentures
  • MassVentures "is the Commonwealth's strategic venture capital team."
  • $3,341,629 was reported as total investments for 2019 and the fund stated their 2021 goal includes doubling the number of grants and investments of 2020.
  • Vinit Nijhawan is the funds managing director and may be contacted at 617-723-4920. No email was found during research.
Alaska has 2 state sponsored VC programs: 49th State Angel Fund and Alaska Permanent Fund
  • 49th State Angel Fund's mission is to "provide an evergreen source of capital to high-growth businesses to promote entrepreneurship and foster innovation."
  • The fund invests in different sizes and types of businesses. A complete profile may be found on their Partner Funds page. Over $3.5 million is listed as committed for 2020 on their annual report.
  • Erin Baca is the fund's director, and a direct message link is provided on the 'About' page on their website. In addition, (907) 343-4898 is listed as the funds main number.
  • The Alaska Permanent Fund Corporation invests on behalf of the Alaska Permanent Fund, including $180 million to 4 venture capital firms in 2020. The fund's venture capital details are listed as part of their Private Equity and Special Opportunities section.
  • General inquiries may be made at or 907-796-1500.
  • The state's public Arkansas Development Finance Authority offers three different VC funds: Arkansas Venture Capital Development Fund, Arkansas Institutional Fund, and the Arkansas Venture Development Fund.
  • The Arkansas Venture Capital Development Fund provides "matching investments in Arkansas technology-based companies"; the Arkansas Institutional Fund invests "in proven, professionally managed private equity and venture capital funds that commit to include Arkansas in aggressive and visible deal prospecting"; and the Arkansas Venture Development Fund provides "matching investment in proven, professionally managed private equity and venture capital funds".
  • The contact person for all 3 funds is listed as Chuck Cathey, the bond guaranty manager of Development Finance. He may be reached at 501-682-5901 or
  • The performance and operational detail of the AIF may be found in its 2020 annual reports. Further fund financial details for the other 2 programs were not found through research.
Iowa- Fund of Funds
  • The Iowa Fund of Funds closed in 2018 after 16 years of sponsoring venture capital in the state.
  • The PA Venture Capital Investment Program is the state's program initiated this past year, 2020, with an allocation of $60 million to be invested in VC investments in primarily lower middle-market manufacturing and business service companies.
  • $5.5 million was invested in 4 VC firms in 2019.
  • Although a specific contact person is not given, the phone number for the program is 1-866-466-3972.
Nebraska- Invest Nebraska
Michigan- Venture Michigan Fund and Michigan Economic Development Corporation
  • The Venture Michigan Fund was fully committed in 2018, thus no new funds were allocated, but existing funds were continued to be drawn. That year $11.9 million was drawn by underlying fund managers in the Venture Michigan Fund.
  • The contact for the fund is
  • The MEDC offers several venture capital assistance programs as well as funding VCs in the state. The funds have been active the past 2 years and include Invest Detroit Ventures (
  • The state agency "created a $3 million fund to aid technology startups affected by the COVID-19 pandemic", which is administered ID Ventures.
  • Contact for the MEDC is 888-522-0103.
  • The Maine Venture Fund, created in 1997, has invested over $20 million and is a revolving evergreen investment fund.
  • John Burns is the managing director and may be reached at
Georgia- Invest Georgia
  • "The Invest Georgia Program is a long-term investment program, backed by the State of Georgia, that is designed to help grow and mentor current, new and future Georgia Venture Capital and Private Equity Investment Funds in the state of Georgia."
  • The state funded the program by allocating $10 million each of the past 4 years. However, the fund faces a budget reduction for FY 2021.
  • The programs contact number is 404-446-3099.
Wisconsin- 4490 Ventures
  • "The State of Wisconsin Investment Board and Wisconsin Alumni Research Foundation created an early-stage venture capital fund focused on information technology called 4490 Ventures."
  • The $30 million fund will focus on early-stage companies.
  • Greg Robinson is the managing director and may be reached at 608-501-0000.

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