TNInvestco: Goldrush underway to fund TN ventures

Nov 05, 2009 at 10:30 am by miltcapps


The State of Tennessee today announced plans to divide $120 million in tax credits among six new TNInvestco investment firms, to spur venture investment in dozens of high-potential Tennessee firms.

State officials also said they will reapproach the General Assembly in January to seek an additional $40 million for funding $20 million allocations to each of two alternates that were not funded in the action announced this morning.

The winning venture-capital firms were announced today by the Bredesen Administration's Matt Kisber and Reagan Farr, who are respectively Gov. Phil Bredesen's commissioners of economic-community development and revenue.

The six chosen firms are listed below – please click on each firm's name for its profile:
The State also announced that two firms will stand ready as alternates to step in and take the place of any of the winners who were announced today, but which prove unable to meet TNInvestco requirements.  The two alternates may also receiving funding in 2010, if the General Assembly concurs.  The two designated back-ups are: 
The commissioners revealed that Solidus plans to create new Solidus-TNInvestco offices in Memphis, Chattanooga and Oak Ridge, in addition to Nashville, if it receives TNInvestco funding through the current round by default of a primary firm, or in the next round.

Two other firms were among ten finalists, but did not make the cut announced this morning. The unfunded finalists were

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