The Ames Seed Capital Fund announced it is planning to raise a record amount of private funding for startup investment in the area during its annual meeting Tuesday.
About 380 business owners, Iowa State University economic developers and state and local officials packed into a Scheman Building ballroom to hear updates on the fund, which raises private investment for local startup companies. Those in attendance were not only just investors.
Workiva founder Dan Murray was named as the fund’s new board president at the meeting. He announced the program is planning its seventh fund and is aiming to raise more than $3 million, higher than the last fund’s record of around $1.7 million. He did not say when the fund would be open for buy-ins.
“We’re raising the bar on our level of activity and what we’re doing with the investment dollars,” he said. “We’re exploring new ways to engage our membership … we’re also developing relationships throughout the midwest region.”
The Ames Seed Capital Fund, created in 1987, is run under the Ames Economic Development Commission and gathers private funding to invest in local startups.
Accredited investors were able to “buy-in” to fund six with a minimum commitment of $25,000. No determination has been made for the minimum buy-in for fund 7.
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