MassVentures is a venture capital firm based in Boston, Massachusetts and was founded in 1978. It focuses on fueling the Massachusetts innovation economy by funding early-stage, high-growth Massachusetts startups as they move from concept to commercialization. It seeks to invest in companies operating in the healthcare technology, industrial automation and robotics, internet and digital media, green technology, mobile, security and systems and software.
As an evergreen fund, MassVentures is closely aligned with entrepreneurs for long term success. MassVentures is mission oriented with a mandate to support the early stage ecosystem across Massachusetts. With the entrepreneurial spirit, educated workforce and centers of innovation in Massachusetss, MassVentures feels they have a good track record of success.
Formerly known as the Massachusetts Technology Development Corporation (MTDC), MassVentures was formed as a quasi-public corporation by the Commonwealth of Massachusetts to address the capital gap for start-up companies and to encourage the growth of early-stage companies. MassVentures' enabling and governing legislation is Chapter 40G of Massachusetts General Laws as amended in 1993 and 2002.
Initial funding for MassVentures came from a $2 million grant awarded by the Economic Development Administration ("EDA"), a division of the U.S. Department of Commerce, in 1979. These funds were used to establish a revolving loan fund for Massachusetts companies with operations involving a significant amount of technology. These companies also were required to be located in an "EDA" eligible area. In 1981, the EDA awarded MassVentures an additional $1 million for a second revolving loan fund to assist in the creation and development of small, innovative, high-technology companies in Massachusetts, and the Commonwealth of Massachusetts provided $1 million in matching funds. After that, each year, from 1982 to 1988, the Commonwealth appropriated additional funds totaling $4.2 million, which allowed MassVentures to create its first venture capital fund, called the Traditional Fund. This Fund is operated as an "evergreen fund" which uses gains realized from past investments as the primary source of funds for its operations and for investments. The legislature appropriated $5 million to MassVentures as part of the 2004 Economic Stimulus Bill and $2.5 million as part of the 2006 Economic Stimulus Bill.
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Senior Vice President of Investments
Chairman of the Board
Vice President of Investments