The First Fund™
Funding and Programs
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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
Investment Details
The First Fund investment is in the form of a convertible loan that includes cash in amounts of $30,000 to $120,000 in addition to the value of laboratory, office space and support services.
Lab and office space, scientific equipment access, amenities and services are valued at $30,000 or $60,000 over a six-month period as follows:
* A half lab, one office and support services for 6 months: $30,000
* A full lab, two offices and support services for 6 months: $60,000
The support services package Includes crucial resources such as access to business experts, connection to investors and partners, use of scientific equipment, and amenities like an on-site gym, cafeteria, free parking, free coffee/espresso, sparkling/still water, and collaboration areas
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.