The fund, first announced in October 2016, has been launched with $10m in capital to invest in spinouts and startups that emerge from the university or surrounding region.
University of California, Riverside (UCR) launched a $10m venture capital fund dubbed Highlander Venture Fund on Friday in partnership with VC firm Vertical Venture Partners.
UCR Foundation, the university’s non-profit arm that handles philanthropic donations to the institution, has put $2m into the fund.
The fund will provide seed capital to spinouts and startups set up by UCR faculty, students and alumni, as well as entrepreneurs from Riverside County.
Highlander will target companies developing technology relevant to sectors such as healthcare, energy, environment and agriculture. Typical investments will be between $100,000 and $500,000.
The Highlander Venture Fund was first announced during the opening of the university’s incubator in October 2016, Riverside Entrepreneurial Proof of Concept and Innovation Center, or Epic.
Since then, UCR’s Excite program has also moved from being a co-working operation to becoming an accelerator with the hire of executive director Taj Ahmad Eldridge.
Michael Pazzani, vice chancellor for research and economic development at UCR, said: “Having access to capital is the lifeblood of startups. The creation of the Highlander Fund is just another example of how UC Riverside is leading the transformation of the entire entrepreneurial ecosystem.
“Our creative faculty and student populations bring new and exciting innovations to the marketplace every week.
“This new fund will help satisfy the pent-up demand for capital necessary to bring these high-quality technologies to the marketplace sooner.”
