Slater Fund Announces Fund-Raising by Portfolio Companies Totaling $28.2 Million During Year Ended December 31, 2010
In the face of difficult capital market conditions, progress achieved by portfolio companies presents strong validation of economic development strategy being pursued
Providence, R.I, February 1, 2011— The Slater Technology Fund announced today that portfolio companies in which Slater has active investments raised an aggregate of $28.2 million in new financing in the calendar year ended December 31, 2010. Portfolio companies completing such financings during the year included: NABsys, Andera, Cardiorobotics, Dynadec, ProThera Biologics, Alektrona, CytoSolv and Mofuse.
Comprising primarily equity financing and, to a lesser degree, federal and state grant funding, this figure excludes amounts co-invested by Slater as well as amounts received by selling shareholders in such financings. As such, it provides an accurate and important measure of the economic development leverage generated by active portfolio companies. Slater’s aggregate investment in these portfolio companies through December 31, 2010 is $3.9 million.
"The success of portfolio companies attracting additional capital this past year is extremely encouraging," stated Richard G. Horan, senior managing director of the Slater Technology Fund. "While the investments in these companies by Slater date back, in many cases, to prior fiscal years, it nonetheless demonstrates well how catalytic investment, even in modest amount, can lead to substantially greater capital being raised. This in turn accelerates the creation of high-value, high-wage jobs, which is the ultimate goal of the strategy we are pursuing."
About Slater Technology Fund
The Slater Technology Fund is a state-backed venture capital fund that invests in compelling new ventures committed to basing and building their businesses in Rhode Island. Slater focuses its resources on the support of entrepreneurs who have the vision, leadership and commitment to build substantial commercial enterprises. Slater typically invests at the inception stage in the development of a new venture, often based upon ideas and technologies originating in academic institutions and/or government research laboratories located within the region. In most cases, investments are premised upon the possibility of raising substantial follow-on financing, from venture capital investors or from strategic partners, with a view toward accelerating the generation of significant numbers of high-value, high-wage jobs over the intermediate to longer-term. For more information, visit www.slaterfund.com.
For More Information:
Laura Nelson or Kaycee Roberts
SVM Public Relations
© 2018 Slater Technology Fund | Contact