OLATHE, Kan. Oct. 9 /PRNewswire-USNewswire/ -- The Kansas Bioscience Authority has taken bold action to significantly increase the amount of venture capital available to innovative Kansas bioscience businesses -- and to lead the state's economic recovery -- approving a commitment to invest $50 million in eight private venture capital funds. The KBA investments will create a powerful magnet for private capital investment from around the country in Kansas bioscience companies.
To qualify for KBA investment, the eight funds are required to have a substantial presence in the state, including establishing Kansas offices. Additionally, the fund managers must each raise a minimum of $25 million from private and institutional sources, effectively leveraging the KBA's investment to $250 million.
KBA president Tom Thornton said the fund addresses an immediate need and is a key component of the KBA's efforts to position Kansas as a national leader in the biosciences.
"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," Thornton said.
The funds will work closely with the KBA's Heartland BioVentures program, which provides hands-on business assistance and financial resources to high potential early stage bioscience companies to help better position them to raise private growth capital to bring globally competitive products and services to market.
"What is unique about our approach is that we are helping develop credible, quality investment opportunities while also
|SOURCE Kansas Bioscience Authority|
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