New state biotech fund to provide $250K for Worcester startups
Travis McCready, president and CEO of the Massachusetts Life Sciences Center
The Massachusetts Life Sciences Center is launching a new program for investments of up to $1 million go to promising life science startups in regions outside of the Boston biotech cluster.
Individual investments in the organization's new Seed Fund will be up to $250,000 to companies in Worcester, Springfield, Pittsfield, Amherst and Lowell. The fund has $1 million total to give in its first year.
In a statement, President and CEO Travis McCready said the program aims to build on the success already taking place in those areas.
“Through this Seed Fund, in concert with our full portfolio of programs and partner institutions, we can connect, educate, and serve as a convener by promoting regional strengths in addition to identifying gaps, to serve as a matchmaker to business expertise, diverse talent, and valuable infrastructure,” he said.
The program will focus on those cities to start, but it is hoped that the program will expand to other regions in future years.
On a rolling basis, companies can apply for up to $250,000 in convertible notes to support innovations in all life sciences sectors, including diagnostics, digital health and bioinformatics, medical devices, medtech and therapeutics.
Early stage companies yet to raise their first round of funds are encouraged to apply.
According to the industry tracker PitchBook, just 1% of venture capital in Massachusetts has come to Worcester County over the last five years.
From 2014 to to 2018, Massachusetts as a whole has seen $41.4 billion in venture capital funding, but only $445.8 million of that was in Worcester County. A vast majority -- $40.8 billion -- was in the Boston area.
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