Invest Georgia, the state-funded investment program, has received an additional $10 million in the FY 2019 state budget. This brings the program’s total funding up to $40 million available to spur economic activity by investing in Georgia-based venture capital and private equity funds.
“Invest Georgia furthers one of my top priories as governor: building Georgia’s reputation as the best place to start and grow a business so that every Georgian who wants a good job can get a good job right here at home,” said Governor Nathan Deal in a statement. “This money will plant seeds of economic growth that will continue to bear fruit for Georgians long after my time in office has come to an end.”
Invest Georgia, which was instituted by the legislature in 2013 and funded in 2015, is structured as a “fund of funds,” investing directly in investment firms, rather than individual companies. The goal is to generate more local capital for early-stage companies: in 2015, Georgia venture capital deals represented just 1.4 percent of all deals in the U.S. and 86 percent of investors in Georgia deals were located outside the state.
Read more here.