HARRISBURG, Pennsylvania — Three investment firms — MentorTech Ventures, NewSpring Health Capital and the Pittsburgh Life Science Greenhouse — will split $5 million in state loans to invest in as many as 20 Pennsylvania-based medical companies.
MentorTech, which focuses on life sciences and technology, received $1 million while the other two each received $2 million. NewSpring invests in biotech, health-care services and medical devices, while the LifeScience Greenhouse’s Accelerator Fund is an early-stage life-science investor.
The LifeScience Greenhouse will use the money for its current portfolio companies, according to the organization’s president, John W. Manzetti.
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“There’s a lot of venture capital money out there but the terms are not as good as they were a year ago,” Manzetti said. “So it’s been a hard time getting money. There will be problems getting a continuation of money.”
The money comes through the state’s New PA Venture Capital Investment program, a $60 million loan fund for venture vapital managers. The three firms receiving loans Friday are expected to use an additional $15 million in private investments to fund the 20 in-state businesses.