A fund that came out of the Florida Angel Nexus network has raised $5 million with plans to raise another $20 million to invest in early stage life science and technology companies, according to the Orlando Business Journal.
The FAN Investors Fund targets what it considers Florida’s emerging market — probably the first time I have heard emerging market and Florida used together.
Among the fund’s investment criteria are:
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- Sustainable addressable market;
- Exit horizon between three to seven years;
- Established product and/or service
- Revenues of between $0 and $10 million and a defined revenue model
- At a transition point in developing strategic growth alternatives;
Early stage venture investment for life science companies has never favored places like Florida — it’s been more focused on California and Massachusetts. But angel investment in life sciences, especially medical devices, has been on the rise.
In a statement, managing director Mitchel Laskey said: “Our interests include assisting entrepreneurs in building technology and life science companies here in Florida, economic development by creating jobs, and building a place for our children and grandchildren to stay and take leadership roles.”
Mitchel Laskey, a managing director with the fund, seems to have the most healthcare experience of the fund’s team listed on its website. He currently serves as a strategic adviser to Florida based Health Hero. He was CEO and President of Dynamic Healthcare Technologies until 2000 when Cerner acquired it.But it also works with a broader ecosystem of advisers.
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Florida is home to about 260 biotechnology companies. The Sid Martin Biotechnology Development Incubator at the University of Florida offers a searchable database to identify life science companies in the state based at the university and other incubators around the state. An annual report the incubator published in September :
Florida is largely an “early stage” landscape with many nascent biotech companies that will take additional time to fully develop market ready products. The strong growth of Florida’s emerging bioscience industry and the ongoing recognition by VC firms inside as well as outside of Florida should contribute in bringing a greater percentage of future venture deals to our state.
Photo: Flickr user Adam Selwood
