Texas Medical Center has committed another $50m to its TMC Venture Fund, to be deployed over the next decade, adding to its original commitment of $25m in 2017.
Texas Medical Center, the US-based medical complex involving multiple universities, will provide an additional $50m to its TMC Venture Fund, the Houston Business Journal reported on Wednesday.
The centre’s board of directors has approved the full sum, which will be released over the next decade, with the money coming from proceeds. The commitment adds to the initial $25m that Texas Medical Center allocated to the fund in 2017.
TMC Venture Fund aims to provide access to capital to early-stage companies operating in the healthtech, medical devices and other technology-enabled healthcare sectors. A majority of portfolio companies are sourced through commercialisation arm TMC Innovation or one of its three accelerator programmes.
The enlarged fund will enable investments of $1m or more – up from the previous $250,000 – and also target therapeutics developers as well as companies based outside the US. It will be able to draw down an additional $10m to provide follow-on funding or invest in more costly areas such as cancer treatments.
TMC Venture Fund is headed by John Reale, who said: “We have architected our portfolio structure so we could be long-term partners to the founders that we are working with.
“We look to follow on and continue to support them through different rounds and look at a first check as just part of that journey in doing so.”
