Link-Age, a US-based operator of senior living communities and ageing research activities, has closed a $26m venture capital fund with investment bank Ziegler, Cincinnati Business Courier reported on Tuesday.
Link-Age Ventures, the company’s corporate venturing unit, funds early-stage businesses developing technology to meet the needs of senior citizens. Its managing director, John Hopper, will act as chief investment officer for the new fund.
The fund, which is a 50-50 joint venture, will invest between $500,000 and $1m in each startup, substantially larger than its previous ceiling of $250,000. Its limited partners include 70 nonprofit senior living providers.
“We are looking ultimately at 10 to 12 investment opportunities, and to allow some capital to remain in reserve for some additional rounds of funding if need be,” Link-Age CEO Scott Collins told the Courier.
“We’re looking for early stage companies – somebody who has had one round of institutional investment under their belt.”