The Vermont Center for Emerging Technologies (VCET) has
added $1.8 million in new federal stimulus funds, boosting to $5
million the fund the quasi-public technology incubator has at its
disposal to invest in startups in the Green Mountain State.
The new funds come as part of a law signed Thursday by Vermont Gov. Jim Douglas, and add to $2.2 million in American Reinvestment and Recovery Act (ARRA) dollars the incubator’s VCET Seed Capital Fund had already received, plus a $1 million Housing and Urban Development (HUD) appropriation that kicked off the fund last year.
VCET president and fund manager David Bradbury said the fund will make two kinds of investments – convertible debt at the early stage, and equity investments at the later stage – and will syndicate with venture capital firms and angel investors. The average transaction will probably be around $150,000, he said.
To read the full, original article click on this link: Vermont adds $1.8M to tech incubator fund - Mass High Tech Business News
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