Tech Transfer eNews Blog

U of Minnesota teams with state to launch $34.5M start-up fund

By Jesse Schwartz
Published: November 30th, 2022

The University of Minnesota (UMN) is teaming up with the state’s Department of Employment and Economic Development (DEED) to launch a fund for promising early-stage start-ups.

The $34.5 million fund will be operated by UMN and will focus specifically on Minnesota-based start-ups developing technologies related to life sciences, food and agriculture, climate issues, software, and advanced manufacturing. The university will conduct due diligence on the companies and will provide accepted start-ups with access to its various entrepreneurial resources. The funding and the venture development work is for start-ups statewide, regardless of any UMN affiliation.

“At the university, our mission is about serving all Minnesotans,” says Myron Frans, senior vice president for finance and operations at UMN. “We are honored to combine our broad and deep expertise in investing and our efforts to spark new businesses and growth via our nation-leading Technology Commercialization team and growing Corporate Engagement Center. These programs provide us with a once-in-a-lifetime opportunity to invest in our long-term future by supporting Minnesota start-ups and helping them grow.”

DEED commissioner Steve Grove comments, “The venture capital funding that Minnesota has secured is critical for entrepreneurs across the state. Make no mistake — Minnesota is a state of innovation, and this funding will accelerate the development of the next crop of game-changing businesses in our market. We appreciate the University of Minnesota’s continued leadership and partnership in this critical area — we’re fortunate to have such a forward-thinking institution in our state.”

Source: University of Minnesota News and Events

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