Multi-Fund
Investing in Kansas-based seed/early-stage venture funds
This new program from GrowKS will invest in multiple Kansas-based seed/early-stage venture funds with a total program allocation of $6M dollars.
These firms will be selected by the GrowKS Multi-Fund selection committee and the funds must meet the criteria set forth by the Kansas Department of Commerce, Network Kansas, and the U.S. Department of Treasury SSBCI 2.0 guidelines.
As the state’s lead economic development agency, the Kansas Department of Commerce strives to empower individuals, businesses and communities to achieve prosperity in Kansas. Kansas Commerce accomplishes its mission by developing relationships with corporations, site location consultants and stakeholders in Kansas and nationwide. Our strong partnerships allow us to help create an environment for existing Kansas businesses to grow and foster an innovative competitive landscape for new businesses.
Additional Details
- Fund with a Kansas HQ raising a $50M fund or less
- GP must include a new or emerging fund manager, and/or minority/female fund manager
- GP must demonstrate Kansas entrepreneurial ecosystem building
- The fund must actively source deals in Kansas per investment thesis
- GROWKS commitment is a maximum of 10% of total fund size, up to $2M
- Maximum 1.71% Services to Portfolio Companies paid over the life of the fund
- No Services to Portfolio Companies paid after 10 years
- Fund must certify a list of services provided to their portfolio companies annually
- GROWKS Fund Side Letter (including MFN, Eligible Business Purposes, Reporting requirements, Sex Offender certification, and Conflict of Interest certification)
- The fund cannot participate in funding rounds of $20M or more
- Understanding SSBCI Conflict of Interest requirements (e.g. No SSBCI insider has a personal financial interest in a target company)
- Make site visits to Kansas’s metropolitan areas (Wichita, Lawrence, Manhattan, Topeka) to make relationships with ecosystem partners
- No deal-warehousing
- No secondary market transactions
Interested parties should send their pitch deck and other cursory information to the eGrowth Ventures team at equity@networkkansas.com.
