DC Announces $26million fund-of-funds

Team S · 2024-12-20T14:20:54.000Z

Washington DC has announced the creation of a $26 million venture capital fund aimed at supporting early-stage companies within the city. The DC Venture Capital Fund, led by the Deputy Mayor for Planning and Economic Development, will be managed by K Street Capital and structured as a fund of funds. Private investors are required to match DC's investments, potentially doubling the available capital to $52 million. The fund will focus on pre-seed and seed stage companies with growth potential, prioritizing underrepresented founders. Investments will range from $250,000 to $5 million, with the goal of creating an evergreen fund that reinvests returns into the initiative. This move positions DC to compete with neighboring states in fostering innovation and aims to establish the city as a hub for diverse entrepreneurship, particularly in emerging technologies like cyber and AI.

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DC Announces $26million fund-of-funds | Newnex