In an interview with reporters today at the Venture Capital In The Rockies event in Beaver Creek, Colo., Gov. John Hickenlooper revealed that the state will be partnering with a number of local CEOs and technology companies to create a $150 million VC fund.
He explained that the fund, which is currently in formation with a goal to launch by the summer, would be a consortium of CEOs in technology who would put in around $10 million or so in the vehicle. The state would be the largest LP, contributing money from pension funds. Investments in local tech startups and companies would be made across all stages, including early and late stages.
Hickenlooper is looking to continue to grow entrepreneurship and technology innovation in the state, and more money for startups is always helpful. “We don’t need more patents, we need more entrepreneurs,” he said during the discussion.
State-run VC funds are not new–Maryland, Vermont, Georgia, and many others run early-stage VC funds to help fund entrepreneurs in the state. CALPERS, the agency that manages the pension fund for California state employees, is one of the largest LPs to many VC firms in Silicon Valley. But it’s interesting that Colorado’s fund will focus purely on tech and will span across a number of stages.
Disclosure: VCIR paid for me to attend this event as a speaker. I chose to cover this story on my own given the news value.