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Alumni Ventures Group is the most active venture fund you’ve never heard of

Alumni Ventures Group’s (AVG) limited partners aren’t endowment or pension funds. Its typical LP is a heart surgeon in Des Moines, Iowa. The firm has both an unorthodox model of fundraising and dealmaking. Across 25 micro funds, AVG is raising and investing upwards of $200 million per year for and in tech startups. Tucked away in Boston, far from the limelight of Silicon Valley, few seem to be paying attention to AVG. There are a few reasons why, and those seem to be working to the firm’s advantage. Today, AVG is announcing a close of roughly $30 million for three additional funds: Green D Ventures, Chestnut Street Ventures and Purple Arch Ventures, which represent capital committed by Dartmouth, the University of Pennsylvania and Northwestern alums, respectively. “People don’t really know what to make of us” AVG walks and talks like a venture fund, but a peek under the hood reveals its unconventional fundraising mechanisms. Rather than collecting $5 million minimum investments from institutional LPs, AVG takes $50,000 directly from individual alums of prestigious universities. The firm pools the capital and creates university-specific venture funds for graduates of Duke, Stanford, Harvard, MIT and several other colleges.  “People don’t really know what to make of us because we’re so different,” said Michael Collins, AVG’s founder and chief executive officer. Collins started AVG to make venture capital more accessible to individual people. He’s been a VC since 1986, formerly of TA Associates, and had grown tired of the hubris that runs rampant in the industry. In 2014, he started a $1.5 million fund for alums of his alma mater, Dartmouth. Since then, AVG has grown into 25 funds, each of which fundraise annually and are seeing substantial growth over their previous raises. “What we observed is VC is a really good asset class but it’s really designed for institutional investors,” Collins (pictured below) said. “It’s really hard for individual people to put together a smart, simple portfolio unless they do it themselves. That’s why we created AVG.” AVG and its team of 40 investment professionals make 150 to 200 investments per year of roughly $1 million each…

uBiome is jumping into therapeutics with a healthy $83 million in Series C financing

23andMe, IBM and now uBiome is the next tech company to jump into the lucrative multi-billion dollar drug discovery market. The company started out with a consumer gut health test to check whether your intestines carry the right kind of bacteria for healthy digestion but has since expanded to include over 250,000 samples for everything from the microbes on your skin to vaginal health — the largest data set in the world for these types of samples, according to the company. Founder Jessica Richman now says there’s a wider opportunity to use this data to create value in therapeutics. To support its new drug discovery efforts, the San Francisco-based startup will be moving its therapeutics unit into new Cambridge, Massachusetts headquarters and appointing former Novartis CEO Joseph Jimenez to the board of directors as well. The company has a healthy pile of cash to help build out that new HQ, too, with a fresh $83 million Series C, lead by OS Fund and in participation with 8VC, Y Combinator, Dentsu Ventures and others. The drug discovery market is slated to be worth nearly $86 billion by 2022, according to BCC Research numbers. New technologies — those that solve logistics issues and shorten the time between research and getting a drug to market in particular — are driving the growth and that’s where uBiome thinks it can get into the game. “This financing allows us to expand our product portfolio, increase our focus on patent assets and further raise our clinical profile, especially as we begin to focus on commercialization of drug discovery and development of our patent assets,” Richman said. Though its unclear at this time which drug maker the company might partner up with, Richman did say there would be plenty to announce later on that front. So far, the company has published over 30 peer-reviewed papers on microbiome research, has entered into research partnerships with the likes of the Center for Disease Control (CDC) and leading research institutions such as Harvard, MIT and Stanford and has previously raised $22 million in funding. The additional VC cash puts the…

Inside the pay-for-post ICO industry

In a world where nothing can be trusted and fake news abounds, ICO and crypto teams are further muddying the waters by trying – and often failing – to pay for posts. While bribes for blogs is nothing new, sadly the current crop of ICO creators and crypto projects are particularly interested in scaling fast and many ICO CEOs are far happier with scammy multi-level marketing tricks than real media relations. The worst part of this spammy, scammy ecosystem is the service providers. A new group of media organizations are appearing where pay-to-post is the norm rather than the rare exception. I’ve been looking at these groups for a while now and recently found a few egregious examples. But first some background. Oh yeah, Mr. Smart Guy? How do I get press? Say you’re trying to publicize a startup. You’ve emailed all the big names in the industry and the emails have gone unanswered. Your product is about to flounder on the market without users and you can’t get any because, in perfect chicken-or-egg fashion, you can’t get funding without users and you can’t get users without funding. So isn’t it a good idea to pay a few dollars for a little press? No. And isn’t most PR just pay-for-post anyway? No. PR people are consummate networkers and are paid to reach out to media on your behalf and their particular set of skills, honed over long careers, are dedicated to breaking down the forcefield between the journalist and the outside world. They are your surrogate hustlers, dedicated to getting you more exposure. A good PR person is worth their weight in gold. They can call up a popular journalist and make a simple pitch: “This cool new thing is happening. Can I put you in touch?” If a journalist’s mission is to afflict the comfortable and comfort the afflicted, a good PR person makes the comfortable look slightly afflicted in order to give the journalist a better story. Also, like velociraptors, they are tenacious and will follow up multiple times on your behalf. A bad PR person, on the…

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