In a wrap of recent regional venture capital activity, Milt Capps highlights a number of investments made by Nashville-based funds. Both the Limestone Fund and the XMi High Growth Development Fund have put about half a million dollars to work in an Oak Ridge companies that makes filtration technology. Separately, the TriStar Technology Fund has acquired a convertible note from MedCenterDisplay, which services gear and information for medical waiting rooms.
One of the four investment funds selected in 2010 to receive a second round of TNInvestco tax credit financing has put capital to work in a West Tennessee medical device manufacturer, allocating more than seven percent of the fund's original value, according to local sources.
Venture Nashville Connections reports that Memphis-based MB Ventures has pumped $1 million into Collierville-based Veracity Medical Solutions, an orthopedic device-prototyping and manufacturing company. The move correlates with MB Ventures' charter to invest in start-up medical device companies which then, assuming company growth, invest in similarly situated companies in keeping with the overall TNInvestco program initiated in 2009.
Capital raised for venture funds rose 20% over the same period a year ago, hitting $8.1 billion, but the number of funds that held closings plummeted 38% to 50 funds, according to Dow Jones LP Source. Seven firms were responsible for raising $6.3 billion, almost 80% of the total capital raised during the first half. In the first half of 2010, 81 U.S. venture funds raised $6.8 billion
As said in the quote, another aspect of the news is the similarly significant drop in the number of funds raising money. Another posting looks at numbers from Thomson Reuters and the National Venture Capital Association found here.
According to Thomson Reuters and the NVCA, 76 U.S. funds raised $10.4 billion in the first half of the year, a 70% increase by dollars compared to the first half of 2010.
Its analysis shows, however, also shows a 15% decrease by number of funds, marking the lowest number of funds garnering commitments since the first half of 1995.
POSTDATA: WARRANTY DEEDS