Photo by Ryan Johnson, published under a Creative Commons licence
The Medical University of South Carolina (MUSC) has launched two new funds – the 1824 Health Ventures Fund I and the South Carolina Health Innovation Fund – totalling $30 million.
The 1824 Health Ventures Fund I is the larger of the two vehicles, having secured $20 million from undisclosed limited partners who “support the broader MUSC enterprise”.
It aims to support startups through the valley of death and will back health-focused startups, particularly those with ties to the university.
The $10 million South Carolina Health Innovation Fund, meanwhile, is the result of a partnership between MUSC Health and InvestSC, the South Carolina state small business credit initiative, which provides match funding.
It will back startups looking to expand operations in South Carolina, focusing on businesses that align with MUSC’s mission to improve healthcare through innovation.
“By building an evergreen investment model, we’re laying the foundation for a durable and consequential innovation ecosystem across South Carolina.
“Our participation in the South Carolina Health Innovation Fund reflects our commitment to investing in the assets that generate meaningful leverage statewide.”
Will Cruz, chief investment officer of InvestSC
Both funds will be managed by Bob Crutchfield. Crutchfield is currently an operating partner of South Carolina-based Good Growth Capital, and holds a similar position with Bronze Valley in Alabama.
He is also the managing director of Hotspot Ventures, based in the US state of Georgia.
“MUSC has been one of the state’s leaders in innovation and life-science development throughout its history.
“These funds represent a transformational step in turning South Carolina into a national destination for health innovation and entrepreneurship. I’m excited to see how these funds support our own entrepreneurs and attract more to our state.”
David Cole, president of MUSC