The First Fund™

Funding and Programs


The First Fund™ provides up to $240,000 of pre-seed and seed capital to deep tech companies developing solutions primarily in life sciences, clean tech and advanced materials. First Fund companies must become residents of the Innovation Space as a condition of the investment.

About the First Fund

The First Fund mission is to make high-quality investments early in a science entrepreneur’s journey, often as the first believer in a company. The First Fund provides science entrepreneurs a mechanism to immediately start critical lab and business development work, accelerate the achievement of important business milestones, and bring their disruptive technologies to the market faster.

The First Fund is designed to help early-stage science startups with compelling business models address validated problems and opportunities in the following areas:

  • Life Sciences
  • Clean Tech
  • Advanced Materials

Science startup founder received First Fund Investment

Investment Terms

The First Fund program uses a convertible note with the following terms:

  • $240,000 maximum investment per company
  • 20% conversion discount
  • $5M valuation cap
  • Acquisition Premium 150% of note value + accrued interest
  • 36 Month duration
  • 8% simple interest rate

*The investment amount a startup is eligible for via the First Fund will depend on the requested duration of residency at the Innovation Space. Maximum total investment is $240,000 USD. The First Fund REQUIRES residency at the Innovation Space. Cash will not be released until the startup moves into the Innovation Space and begins operations.

Qualifications and Participation

Applications to the First Fund are reviewed quarterly. Founders and teams focused on the growth of their business who will locate their lab at The Innovation Space and make use of our resources, are strongly encouraged to apply.

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