the venture capital arm of the Commonwealth of Massachusetts, announced today
that it is now operating under a new name, MassVentures,
to support the formation and fuel the growth of innovative technology-driven
companies in Massachusetts. This new name reflects a board-driven commitment to
better support promising entrepreneurs developing high-growth,
technology-driven companies and new capital received to address funding gaps.
Through MassDevelopment's Emerging Technology Fund, MassVentures will manage a new $5 million traditional investment capital fund to fill capital gaps not adequately served by the private investment community such as(1) emerging market segments (2) first-time entrepreneurs, and (3) companies transitioning from seed to Series A funding. MassVentures expects to invest in four to seven new companies each year.