More healthcare and medical device entrepreneurs of the future will find funding for their innovative ideas, thanks to
Innova Memphis, which declared the first round of funding closed on its third venture capital partnership, Innova Fund III, L.P., with $20 million in capital commitments.
Innova Partner Jan Bouten hopes to see the healthcare and technology fund top at least $25 million by the close of the final round of funding in the middle of next year.
"I'd be very pleased if we could get to $25 million, and I think around $35 million is where we would say 'That's enough,'" says Bouten. "We're really trying to match the amount of money we raise to the number of good deals we see to invest in."
Innova was created by the
Memphis Bioworks Foundation in late 2007 to help establish Memphis as a national center of excellence in entrepreneurship. The group made its first investment in March of 2008 and since then has made 109 investments to support early-stage, high-growth companies that have the potential to grow into significant economic contributors and generate great returns.
Innova Fund I ($2.5 million) and Innova Fund II ($14 million) currently represent 36 companies, including a heavy emphasis on medical device and healthcare-related companies.
"We are also looking at raising a fund that is heavily specialized into agricultural technology and innovation," says Bouten, who also believes Innova could also get involved with a fund focused on logistics in the near future.
By Michael Waddell
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