TNInvestco update: More funds? FourBridges' role

In this morning's update on TNInvestco, VNC provides some background on FourBridges' role in raising commitments from insurance companies for participation in the capital-formation program; and, comments on a couple of new funds' efforts. The Story's here.

[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.

TNInvestco Update

Over at The City Paper-NashvillePost.com, Tom Wood provides a recap of the TNInvestco program and current applicants. Note: Although $120MM is the nominal value of tax-credit allocations, $84MM has been cited by officials as the net capital available for investment among up to six TNInvestco-certified companies. Story here; City Paper applicants list here; official State applicants list, here.

TNInvestco countdown

Tennessee Revenue Commissioner Reagan Farr likes what he's hearing, so far, it seems. With only 18 days til the TNInvestco deadline, firms are gradually submitting their paperwork and jockeying for position in partnerships. Here's the update.

TNInvestco Update

Between the aversion some have to working with government and the economic climate, generally, it's understandable Tennessee and out-of-state VCs would be cautious in approaching the new TNInvestco venture capital program, launching Aug. 1, as the result of the passage of the program by the General Assembly last spring and Gov. Phil Bredesen's recent signature of the act, earlier this month. A briefing on the new program drew perhaps 75 executives associated or allied with venture firms, which could be a good thing, unless most of them ultimately opt out. Here's this morning's story.

TNInvestco: Waller outlines tax-credit leveraging

The Tennessee Small Business Investment Company Credit Act (related VNC coverage here) produces TN Investco investment funds, and the possible benefits are well described in a newsletter just out from Waller Lansden Dortch & Davis in Nashville.

Coalition applauds TN venture-capital legislation

The Washington, D.C.-based National Coalition for Capital issued a release yesterday applauding the Tennessee General Assembly for passage of the Tennessee Small Business Investment Company Credit Act, passage of which was reported here by VNC. The Coalition's website is incomplete, but its current content suggests it is sponsored by firms such as those that introduced CAPCO legislation here, which eventually was transformed by a bipartisan effort into Tennessee investment company (TNInvestco) legislation.