Sunstone Management has launched a fund dedicated to portfolio companies of Long Beach Accelerator, co-founded by California State University’s Long Beach campus.
Long Beach Accelerator, a public-private partnership involving California State University, Long Beach, yesterday unveiled a seed fund aimed at its portfolio companies.
The fund will be managed by investment firm Sunstone Management, another backer of Long Beach Accelerator. The program’s third backer is the City of Long Beach.
The size of LBA Sunstone Fund I has not been disclosed. The accelerator is due to welcome its inaugural cohort this autumn.
The fund’s launch follows a vehicle formed by angel investment firm Seraph called Long Beach I that will allocate up to a third of its capital to graduates from the accelerator, while the remainder will go towards early-stage startups based in the city.
John Shen, founding partner of Sunstone Management, said: “Supporting the nation’s leading early-stage startups is essential to ensuring that they thrive and grow into sound investments down the road.
“We are confident that these funds will generate the desired returns for investors while simultaneously offering support for the accelerator’s participants and other promising startups in the Long Beach area.”