The university has supported the House Fund, set up by an alumnus, through its UC Ventures initiative.
University of California Berkeley has invested in the House Fund, a $6m vehicle established by alumnus Jeremy Fiance, Fortune reported yesterday.
The money came via University of California’s UC Ventures initiative, which aims to invest a total of $25m of its endowment into local funds that back university-related startups.
The size of the commitment to the House Fund was not disclosed, but is expected to be less than $3m in accordance with UC Ventures’ terms.
Other investors in the fund include fellow UC Berkeley graduates.
The House Fund is set to back approximately 50 early-stage startups. It will reinvest some of its profits into the House, an office space aimed at students, alumni and faculty opened two weeks with a $2m philanthropic fund.
Fiance said: “We couldn’t be more excited to work with the University of California.
“This partnership enables us to align with the one of the world’s top university systems, collaborate to strengthen its ecosystem, and equip our startups with its tremendous resources, while still operating like a startup to support Berkeley founders and help them build the foundations for great businesses.”
