Pack Ventures, an independent venture capital fund that invests in University of Washington spinouts, is raising more money to invest in the Seattle region.
Pack Ventures, a venture capital firm that invests in University of Washington spinouts, is raising $30m for its second fund.
The new fund already has more than 50 investors, according to a release.
Pack Ventures has so far invested a total of $5m in 29 companies run by founders that have connections to the University of Washington, including faculty, students and alumni.
Pack Ventures is the sole pre-seed and seed fund partnered with the US university’s CoMotion Labs, an incubator for early-stage startups based in the Seattle region. State law prohibits the University of Washington from investing directly in startups.
The firm’s portfolio includes Monad Bio, a developer of AI-powered protein design technology, and Violett, creator of a smart air purification device that kills airborne diseases
Pack Ventures’ main areas of investment are artificial intelligence and biotech, robotics and autonomous systems, and next-generation computing and photonics technologies.
University venture funds are known to increase the rate of spinouts from universities. Global University Venturing research finds that only one-third of the US research universities have venture funds.
