Acting Deputy Under Secretary Roger Glendenning announced that USDA has certified the Innova Ag Innovation Fund IV LP as an investment pool for small and startup rural businesses.
The fund will support 30 to 45 companies that have the potential to generate more than $200 million in economic activity and create 600 jobs. It will provide capital for high-growth companies in the biosciences, technology and agricultural technology industries. The fund is the second USDA has certified under the Rural Business Investment Program (RBIP). RBIP funds support USDA’s strategy for rural economic growth.
For a fund to receive USDA certification, its managers must demonstrate that they have venture capital experience and that they have successfully worked with community development organizations.
The Ag Innovation Fund is being managed by Innova Memphis RBIC, LLC. Innova has three other funds that are not part of the Rural Business Investment Program. Those three funds collectively have invested $20 million in 75 startup companies, attracted $90 million of outside capital and created approximately 250 jobs.
For more information, visit www.rd.usda.gov.