University of North Carolina at Chapel Hill has launched its own university venture capital fund to bolster research commercialisation at the institution.
The $5m Carolina Research Venture Fund will be looking to fill the void of seed funding for the institution’s spin-outs. The fund, which isn’t using any state money to back the fund, will aim to be an evergreen fund with all profits reinvested back into the fund.
The fund will be looking to make investments between $100,000 to $500,000 into startups, and will be actively seeking firms and individuals in making seed investments to oversee the fund, and ensure that the fund is not internally managed by Chapel Hill. The fund will also be establishing a board of directors and an advisory board.
Chapel Hill also announced that Judith Cone, who has served as a special assistant to the chancellor for innovation and entrepreneurship at the university, has been appointed as interim vice chancellor for commercialisation and economic development – a new cabinet-level position at Chapel Hill.
