Matt Busick (Photo: Special to the Register)
A new fund that would invest in Iowa startups is in the works after receiving certification from the state.
River Glen Venture Partners aims to raise a pool of $25 million it would invest in early-stage companies, fund founder Matt Busick said.
“We think that’s the right number to build a portfolio over four to five years of 10 (startups) of between $2 and $2.5 million each” in investment, Busick told the Register.
Busick is also managing director of River Glen Private Capital, a West Des Moines-based investment firm and manager.
The Iowa Economic Development Authority certified River Glen Venture Partners as an “innovation fund” on Friday. The certification means investors in the fund can receive tax credits based on the amount they invest in Iowa startups.
River Glen Venture Partners is still in its infancy, and Busick said it has yet to raise the $25 million. Before doing so, he said River Glen wanted to ensure the fund would be certified to receive state tax credits.
Read the entire story at: www.http://www.desmoinesregister.com/story/tech/2016/02/23/new-iowa-startup-investment-fund-horizon/80577506/