University of Delaware-backed science incubator Delaware Innovation Space has started a VC vehicle called First Fund offering startups up to $75,000 in convertible notes.
Delaware Innovation Space, a US-based science incubator backed by University of Delaware, has established a new VC vehicle of undisclosed size to support businesses looking to move into its space.
Companies backed by the fund, titled First Fund, will receive a 36-month convertible note for up to $75,000 which matures at a 20% conversion discount in qualifying financing rounds sized at $500,000 or higher.
The move is intended to reduce the barriers-to-entry for science-focused startups, which often face…
