Institute for Commercialization of Florida Technology and Florida Funders Partner to Drive New Innovation Investment Statewide
The Institute for Commercialization of Florida Technology (the Institute) selects Florida Funders to manage the investment-related affairs of the organization. Florida Funders will oversee the Institute's portfolio of 60+ life science and technology companies that have received funding through both the Institute's loan and investment programs, and will focus on attracting new management and capital to Florida's most promising innovation startups.
TAMPA, Fla., Feb. 12, 2019 /PRNewswire-PRWeb/ -- The Institute for Commercialization of Florida Technology (the Institute), a not-for-profit organization focused on innovation and entrepreneurship across the state, is pleased to announce that its Board of Directors has selected Florida Funders to manage the investment-related affairs of the organization. Florida Funders will oversee the Institute's portfolio of 60+ life science and technology companies that have received funding through both the Institute's loan and investment programs, and will focus on attracting new management and capital to Florida's most promising innovation startups. Since 2011, the Institute has had an overall economic impact across the state of Florida of $1.4 billion.
Florida Funders invests in early-stage innovation companies, utilizing a hybrid approach to investing that combines a venture capital fund and a crowd-funding platform. The firm is headquartered in Tampa with a footprint throughout Florida. Florida Funders is led by an experienced team of serial entrepreneurs, venture capitalists, and experienced angel investors with a proven track record of successful exits and a shared passion for growing the next generation of Florida tech companies. The Institute's portfolio dovetails with their existing offerings and expands Florida Funders' portfolio size to over 80 companies, bringing the total dollar amount of assets under management to $50 million. Florida Funders will be evaluating new opportunities on behalf of the Institute with the goal of increasing portfolio returns and re-deploying capital into qualified Florida companies.
"The Institute is pleased to begin this new phase of growth and support of Florida's innovation economy in partnership with Florida Funders, who has been very active in seed and early-stage investing throughout the state," said Renee Finley, Institute Board Chair. "We believe we share a common vision for Florida's future and are confident that the Florida Funders team will add great value to the Institute's portfolio by bringing additional management talent and capital to bear, and look forward to a long and mutually-beneficial partnership."
"Florida Funders' mission complements that of the Institute and we are honored to have been selected to support the growth of the existing portfolio, and begin to invest new dollars into great Florida startups," said Tom Wallace, Managing Partner for Florida Funders. "Through our partnership with the Institute, we're able to provide additional value to the growing start-ups through our strong leadership, years of investment experience, and partnerships with key organizations across Florida. The added portfolios will create immense growth for Florida Funders and the state of Florida."
About the Institute for Commercialization of Florida Technology
Formed by the Florida Legislature in 2007, the Institute for Commercialization of Florida Technology supports and funds innovation companies that create clean jobs in new industries that are driving the global economy. The Institute provides company building services, and seed funding through the Florida Technology Seed Capital Fund, to promising Florida startups that are developing products that improve and save lives, and help companies improve their bottom line. The Institute's economic impact between 2011 and 2018 was $1.4 billion, with an annual return on investment of 31 times to the State of Florida.
About Florida Funders
Florida Funders is a hybrid of a venture capital fund and crowd-funding platform that invests in early-stage technology companies in Florida. The firm is led by an experienced team of serial entrepreneurs, venture capitalists, and experienced angel investors with proven track record of successful exits and a shared passion for growing the next generation of Florida tech companies. Learn more at http://www.floridafunders.com.
SOURCE Institute for Commercialization of Florida Technology
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