USF and Florida Funders have tapped angel investment for a seed fund set to nurture research from Florida's public universities and the wider state ecosystem.

University of South Florida (USF) has established a seed fund of undisclosed size in partnership with VC and crowdfunding platform Florida Funders to drive research from Florida’s public universities. Seed Florida Early Stage Investment Fund’s limited partners include assorted angel investors. It has also been awarded grant money by the US government’s Economic Development Administration. The vehicle will target a final close of undisclosed size by the end of 2019. It will pursue Florida-based seed opportunities including academic research over the next five years, with a focus on tech, engineering and the health sciences. Seed Florida will work alongside an existing $23m seed fund managed by Florida Funders on behalf of state government-owned commercialisation agency Institute for Commercialization of Florida Technology. Paul Sanberg, senior vice-president for research, innovation and knowledge enterprise, said: “Florida’s research universities are a source of world-class, cutting-edge innovation. Seed Florida will invest in the most promising new ideas and ensure that Florida’s innovation ecosystem is diverse, inclusive and successful in bringing new ideas and innovations to market.” Tom Wallace, managing partner for Florida Funders, added: “The combination of the Seed Florida Fund, the institute and our crowdfunding platform has the potential to create millions in capital for seed-stage companies within the next five years. “This is a huge advantage for young innovative businesses in Florida. Florida Funders will provide expertise throughout the process, including extensive due diligence, negotiation of deal terms, legal contracting and reporting, to create a monumental opportunity for potential investors.”

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