Arizona State University (ASU) is granted $1m to create a university venture capital fund for its start-ups and spin-outs.

Arizona State University (ASU) has received $1m from the Maricopa County Industrial Development Authority (MCIDA), a state-backed job creation organisation, to create a university venture capital fund.

ASU will use the fund to invest in companies which have passed through the university’s accelerator programmes, offering a new avenue of early-stage investment to its start-ups and spin-outs.

The fund will operate as an evergreen fund, with proceeds from investments channelled back into future companies. It will; look to take small equity…

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