Invest Georgia Receives $10M Appropriation
Wednesday, May 16th, 2018
The FY 2019 state budget recently signed into law by Governor Nathan Deal appropriates $10 million in additional funding to Invest Georgia, a long-term investment program designed to grow and mentor current, new and future venture capital and private equity investment funds in Georgia. The additional funding raises the amount of venture capital available to launch Georgia-based businesses to $40 million.
“Invest Georgia furthers one of my top priories as governor: Building Georgia’s reputation as the best place to start and grow a business so that every Georgian who wants a good job can get a good job right here at home,” Deal said. “This money will plant seeds of economic growth that will continue to bear fruit for Georgians long after my time in office has come to an end.”
“Invest Georgia fills a need for our state for progressive new ideas for economic development,” said Lt. Gov. Casey Cagle. “Simply put, the No. 1 state for business needs additional capital to grow startups and create wealth for Georgia residents and businesses. Georgia is clearly the top provider of growth capital for young, fast-growing companies in the Southeast. Initiatives and programs such as Invest Georgia will continue to provide support for those young companies as well as narrow the gap between Georgia and states such as New York or California. These types of programs are investments in our state economy, investments in the creative genius of Georgia entrepreneurs and investment in the future for families who live here.”
Invest Georgia has fully invested the initial $20 million allocation to six venture and private equity funds comprised of TTV Capital Fund IV, Mosley Ventures Fund I, Engage Venture Fund I, TechSquare Labs and two other Georgia-based funds still in the process of finalizing their capital raises.
“The Invest Georgia fund demonstrates a meaningful commitment from the state that drives investment in early and growth stage companies from Georgia-based investment funds,” said House Speaker David Ralston (R-Blue Ridge). “This additional appropriation will help businesses scale by providing the resources necessary to help bridge the funding gap holding back many new companies.”
The business community supports the role Invest Georgia plays in the region’s startup and venture capital community, building the region’s reputation as a hub for entrepreneurism and investment.
“The Invest Georgia fund not only makes more local venture capital available for young Georgia companies but it signals that Georgia is taking real steps to support venture capital funds and young startup businesses like mine,” said Tim Sheehan, CEO and founder of Greenlight, a Georgia company that received an investment from TTV Capital, an Invest Georgia portfolio fund.
“It is exciting that the state continues to support early stage Georgia companies through initiatives like Invest Georgia, which is playing an important role in fostering the momentum that the venture capital community is experiencing in Georgia,” said Brooks Robinson, CEO and co-founder of Springbot, a Georgia company that received investment from TechSquare Labs and TTV Capital.
“As the state continues to direct resources to Invest Georgia, this capital will have the effect of building confidence not only in Georgia’s startup scene, but will also show the strength of the venture capital system in Georgia,” said Katie Kirkpatrick, chief policy officer for the Metro Atlanta Chamber. “The previous investments have helped attract additional interest and resources from other funds located outside of the state.”