The Commonwealth Financing Authority, through its New Pennsylvania Venture Capital Investment Program, has approved the money for Originate Growth Fund II LP, which is managed by Originate Ventures.
In a news release, the state says Originate is seeking to raise up to $60 million in aggregate commitments, taking between 20 and 30 investments in early stage technology companies with an average target of $1 million to $3 million per investment. Originate will target start-ups in health care, business services and the financial sector.
The state also says its venture capital program requires firms like Originate to match $3 into companies for every $1 in state funding.
The nearly 10-year-old Originate Ventures was launched by Mike Gausling, founder and former CEO of OraSure Technologies. He and business partners refurbished an old south Bethlehem firehouse to serve as its home.
The Authority also approved $1 million in Accelerator Fund II LLC, which is affiliated with the Pittsburgh Life Sciences Greenhouse. The state Department of Community and Economic Development's Office of Technology & Innovation administers the venture capital program.
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