Access to capital for Oklahoma’s emerging, high growth entrepreneurs has taken a big leap forward with a joint initiative between i2E, Oklahoma Department of Commerce and the U.S. Treasury Department that created three investment funds totaling $13.2 million.
The result of this Oklahoma collaboration are three funds that each offer equity and growth investment capital for state-based entrepreneurs, depending on the lifecycle stage of their business. These new investment funds were appropriated through the Oklahoma Commerce Department by the U.S. Treasury Department and are managed by i2E.
This $13.2 million initiative is being launched under the name Accelerate Oklahoma! with the creation of the StartOK Accelerator Fund, the Oklahoma Angel Sidecar Fund and the GrowOK Fund.
These funds are expected to attract up to $130 million in concurrent and follow-on private capital in Oklahoma companies that receive investment through Accelerate Oklahoma!
The funds are:
- StartOK This fund invests in companies that are in the earliest stages or startup stage that have not yet generated any revenue or completed a market launch. This capital will enable them to take their concept or product prototype into beta test phase with potential customers or first sales.
- Oklahoma Angel Sidecar Fund This fund overlays all four of the i2E companion funds, providing leverage and capital to angel investment in Oklahoma companies at any stage of the continuum of business development. This fund essentially doubles the size and scope of angel investment in Oklahoma because it requires a one-to-one co-investment from angel investors and/or angel groups.
- GrowOK This fund seeks established companies with existing products or services that are generating revenue in the market place. These funds will enable these companies to expand new products or services and allow growth in both revenue and employees.
All Accelerate Oklahoma! funds target Oklahoma management teams, “true rounds” of investment capital that provide enough capital for 24 months of runway. Accelerate Oklahoma will typically not consider bridge funding or investment when senior management is located outside of Oklahoma.
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