Triathlon
Medical Ventures and Affinity Capital Management are launching a
$10 million venture fund that will make seed investments in biotech,
medical device and other life-sciences startups.
The fund will primarily target Minnesota-based companies, making
initial investments of between $250,000 and $500,000 in each startup.
Triathlon, a venture firm with about $100 million in capital under
management, is based in Cincinnati but has set up regional venture funds
in the past. George Emont, managing partner for Triathlon’s Kenutcky
Seed Fund, approached Affinity about starting a Minnesota fund,
partly because the state is home to promising biotech startups that
struggle to secure funding.
“We’ve seen some very good deal flow in Minnesota. But one of the things we’ve noticed is that, while there’s a lot of support from angel [investor] groups, especially for [medical] device firms, there’s not that support in the biotech area,” he said.
Emont declined to say how far along Triathlon is in the fundraising process.
To read the full, original article click on this link: Triathlon, Affinity Capital plan $10M fund for MN startups - Minneapolis / St. Paul Business Journal:
Author: Katharine
Grayson
