MEMPHIS, Tenn. (September 8, 2014) – Innova Memphis is pleased to announce the first closing of its third venture capital partnership, Innova Fund III, L.P., with $20 million in capital commitments.
“We are very pleased, in this challenging fundraising environment, to have earned the support from our lead investors,” said Ken Woody, Partner. “We believe our success in raising Fund III is a testament to our disciplined early-stage healthcare and technology focus, as well as the performance of our existing portfolio companies.”
Jan Bouten, Partner, added, “We are excited to be able to continue our mission of finding great entrepreneurs and enabling them to build high-growth businesses. Thanks to the tireless efforts of our ecosystem partners, we see more investment opportunities than ever before.”
“To not lose our investment momentum, we held an early first close and enabled the team to invest in some great companies without delay,” said Steve Bares, Chairman of Innova Memphis. “However, we are in discussions with several additional investors and are still accepting new inquiries. We expect to have a second close toward the end of this year.”
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About Innova Memphis
Innova invests in early-stage, high-growth companies that have the potential to grow into significant economic contributors and generate great returns. Our focus is on companies with strong intellectual property or other competitive advantages in the Healthcare, Technology and AgBio fields. Innova was created by the Memphis Bioworks Foundation to help establish Memphis as a national center of excellence in entrepreneurship. Innova’s goal is to nurture the growth of high technology and entrepreneurial efforts across the Mid-South that will result in significant job creation, economic growth and competitiveness. For more information, and for a list of portfolio companies, visit https://www.innovamemphis.com/.