Early-stage science startup venture capital firm Mercury Fund will close its Mercury Fund III with $105 million in commitments it says it will use to target some of the biotech markets most promising startups and entrepreneurs in the Southwest, Midwest and Rocky Mountain regions.
“We are grateful to our new and existing investors for their strong support of our unique venture investment model,” said Blair Garrou, co-founder and managing director of Mercury Fund. “With this new fund, Mercury will continue its strategy of seeding and incubating some of the most promising startups and entrepreneurs throughout the Midcontinent.”
Mercury did not name the investors in its latest fund, but did say “several” new institutional investors joined the “significant support” it has enjoyed from its current existing institutional and high-net worth investors. Mercury’s current total capital under management to over $200 million.
“The ‘Midcontinent…has historically been rich in entrepreneurial and research-driven innovation, but lacking in early-stage venture capital. Mercury was established to exploit this apparent market disconnect,” said Mercury in a statement, “and since inception has been one of the most active venture investors in the middle of the U.S., striving to become one of the ‘go-to’ venture firms for Midcontinent entrepreneurs at the earliest stages of idea generation, company formation, and market execution.”
The fund’s directors said they believe the region is ripe for investment, particularly as the biotech boom in the capital markets continues.
“We are believers that significant technical and scientific innovation is originating in the Midcontinent,” said Dan Watkins, co-founder and managing director of Mercury Fund. “Our firm has a particular interest in entrepreneurs associated with regional startup development organizations, such as seed accelerators, incubators and university tech transfer offices. Many of our investments have originated through these relationships, which we expect will continue throughout the investment period of Fund III.”