Research Outline

State VC Funds


To identify venture capital funds sponsored by U.S. states and provide their funding details and contact information.

Early Findings

In 2010, the U.S. Government instituted legislation that created 36 venture capital programs run by 30 states. Notable programs include those sponsored by or managed in Florida, Oklahoma, Missouri, New York, Colorado, and Ohio. Funding for state programs comes from the federal government, state tax receipts or public/private partnerships.
  • The allocation of VC funds to specific states is found on page 10 of the U.S. Treasury's Information and Observations on State Venture Capital Programs report.
  • Initial research shows most U.S. states actively manager or administer VC funds, many initiated as a direct result of the US Department of Treasury SSBCI program that began in 2010.
  • The Florida Venture Capital Program "provides direct investments to increase capital available to small businesses with an emphasis placed on investment opportunities within the State of Florida’s targeted industries." The program was originally funded with $42 million.
  • Oklahoma's i2E program began through the state's Oklahoma Center for the Advancement of Science and Technology (OCAST) initiative and has invested over $61 million in 740 Oklahoma companies.
  • The Missouri Technology Corporation provides VC funding for new and emerging high-tech startups through private public partnerships. The contact for its seed program is Amy Steinman,
  • Empire State Development, originally created by New York state in 1941, provides early-stage support for new ventures through its $100 million New York Ventures Direct Fund. Pravina Raghavan is listed as the executive vice president,
  • The Greater Colorado Venture Fund "invests in early-stage startups headquartered in Colorado outside of the front range. The fund's mission is to inspire innovation in places formerly overlooked by venture funds. The fund started with $15 million. Investments range from $100,000 to $300,000 per company." Sonya Guram is the program manager and can be reached at (303) 892-3804.
  • The Ohio Capital Fund "has obtained $150 million of commitments from private resources for investment in qualified venture capital funds."
  • Indiana provides state tax credits to VC funds that invest in eligible Indiana based companies through its Venture Capital Investment Tax Credit program. The program has a $12.5 million cap.