[Updated] TNInvestco funds escrowed, Applicants listed

Tennessee Department of Revenue Commissioner Reagan Farr told VNC earlier this week that aggregated TNInvestco funds are being managed through the state's master escrow account. A spokesman for the State Treasurer told VNC the escrow account will be managed by Treasury staff as part of the State Pooled Investment Fund. We don't have a lot of details, but it suggests that momentarily, the six winning TNInvestco funds will be able to draw down funds for investment of at least $84MM in seed- and early-stage companies in Tennessee. In addition, TNInvestco officials, responding to a VNC request, provided a list of 117 entities that applied via the TNInvestco website, asking their names be passed along to TNInvestco finalists. Of course, in addition to the 117 who made that formal request, dozens, if not hundreds of others have plied their business plans before TNInvestco certified firms they could reach, for months. Update Jan. 7th: State ECD and Revenue issued a press release saying the six TNInvestcos raised $85MM for investment in seed- and early-stage companies, following the State's sales via TNInvestco-certified companies of $120MM in premium tax credits to insurance companies.