US-based medical complex Texas Medical Center will provide an additional $50m to its TMC Venture Fund, it confirmed yesterday.
The centre’s board of directors has approved the full sum, which will be released over the next decade, with the money coming from proceeds of TMC Venture Fund’s investments. The commitment adds to the initial $25m Texas Medical Center allocated to the fund in 2017.
TMC Venture Fund aims to provide access to capital to early-stage companies operating in technology-enabled healthcare areas including medical devices. A majority of its portfolio companies are sourced through commercialisation arm TMC Innovation or one of its three accelerator programmes.
The enlarged fund will make investments of $1m or more, up from the previous $250,000, and also target therapeutics developers as well as companies based outside the US. It will be able to draw down an additional $10m to provide follow-on funding or invest in more costly areas such as cancer treatments.
TMC Venture Fund is headed by John Reale, who said: “We have architected our portfolio structure so we could be long-term partners to the founders that we are working with. We look to follow on and continue to support them through different rounds and look at a first check as just part of that journey in doing so.”
The original version of this article appeared on our sister site, Global University Venturing.
