Access to capital for Oklahoma’s emerging, high growth entrepreneurs has taken a big leap forward with a joint initiative between i2E, Oklahoma Department of Commerce and the U.S. Treasury Department that created three investment funds totaling $13.2 million.
The results of this Oklahoma collaboration are three new funds that each offer equity and growth investment capital for state-based entrepreneurs, depending on the lifecycle stage of their business. These new investment funds were appropriated through the Oklahoma Commerce Department by the U.S. Treasury Department and are managed by i2E.
This $13.2 million initiative is being launched under the name Accelerate Oklahoma! with the creation of the StartOK Accelerator Fund, the Oklahoma Angel Sidecar Fund and the GrowOK Fund.
These funds are expected to attract up to $130 million in concurrent and follow-on private capital in Oklahoma companies that receive investment through Accelerate Oklahoma!
The new funds are:
i2E’s team of business and investment professionals has worked with more than 2,000 Oklahoma entrepreneurs and/or start-up businesses to help develop new products and services. i2E’s portfolio companies have developed more than 600 patent applications, and introduced 400 new products and services to the marketplace, created jobs at rate consistently above state’s average and with wages that pay over 73 percent higher than the state’s average wage and have created in aggregate, more than 2,000 new jobs.
However, for the past dozen years, there has been a funding bottleneck that sometimes slowed the growth of Oklahoma startup business.
The bottom line is that these Accelerate Oklahoma! funds will broaden access to this much-needed capital, opening the way for more rapid development of businesses and more high paying jobs for Oklahoma.
All Accelerate Oklahoma! funds target Oklahoma management teams, “true rounds” of investment capital that provide enough capital for 24 months of runway. Accelerate Oklahoma will typically not consider bridge funding or investment when senior management is located outside of Oklahoma.
Companies applying for Accelerate Oklahoma! funds need to be coachable and prepared to endure a professional and thorough due diligence process.
More about Accelerate Oklahoma! can be found via FAQs.
To start the process, please complete this on-line inquiry.