LaunchTN details INCITE investment tallies, investors, portfolio companies
LAUNCH TENNESSEE recently reported that since the INCITE program's inception, its staff have administered 86 transactions involving 42 eligible early-stage companies, consuming just over $28MM of its original $29.7MM grant for these purposes from the U.S. Treasury Department.
LaunchTN also said its INCITE portfolio companies had collectively garnered about $85.5MM in private investment in the course of transactions that included INCITE investments.
Additionally, LaunchTN said $43.3MM in private capital had been invested in its portfolio companies through the companies' follow-on rounds, producing an aggregate $156.8MM for the portfolio, since INCITE's launch in 2012. INCITE background here.
Regular Venture Nashville readers will recognize that the aforementioned aggregate $156.8MM total is greater than the total net assets originally available for investments by the ten venture-capital funds created in 2009 through the State-funded TNInvestco program.
Responding to VNC's documentation request, LaunchTN Capital Formation Director Jason Denenberg recently provided an account of INCITE matches by recipient company, available here in PDF.
LaunchTN has committed, but not yet announced a few more INCITE investments. Those prospective closings are not reflected in the totals above. This story will be updated as warranted.
The average INCITE match per transaction stands at nearly $326K, with average aggregate deal size about $1.3MM. The average match has declined in the later stages of the program, as LaunchTN has worked to stretch-out its funds.
Though another round of U.S. Treasury funding was said to have been included months ago in President Barack Obama's latest federal budget proposal, that idea did not survive the Congressional legislative process.
The LaunchTN Tennessee website on February 17, 2016 11 a.m. listed 79 would-be investors who were approved to participate in the program, since INCITE's inception. Most of those "approved" seem to have followed-through with participation. The name of each approved investor appears at the bottom of this story.
Today, the LaunchTN website showed these persons or entities as INCITE approved investors:
Battelle Ventures, LP