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Wed April 24, 2013
Three N.H. Tech Companies Receive Granite Fund Venture Capital
Three New Hampshire companies are receiving capital from a New-Hampshire centered venture fund backed by the state and managed by Borealis Ventures. Get the backstory on the Granite Fund at StateImpact New Hampshire.
The funds are going to Mosaic Archives, a cloud-based photo storage startup in Manchester; Dyn – the fast-growing internet infrastructure company; and Avitide, a Lebanon-based bio-pharmaceutical company.
All will receive capital from New Hampshire’s Granite Fund, which is made up of investments from New Hampshire individuals and organizations. Although the state is investing $4.5 million in the fund, neither the companies nor the funders would say how much has been invested so far.
The New Hampshire Charitable Foundation and the Endowment for Health have invested some of their endowment in the fund. Marshall Rowe, the Endowment’s Treasurer, says his organization expects a return on their investment. But that’s not all:
Secondarily, we see that the creation of good high quality jobs and the support of an entrepreneurial infrastructure will lead not only to these companies being founded but to a broader array of companies being founded in NH.
Borealis Ventures, the fund’s managers, anticipate meeting their goal of $30 million in venture capital by mid-year.