Davis, CA is the place for AgTech these days.
The Sacramento Business Journal recently reported that a $50 million venture capital fund called The AgTech Innovation Fund is forming in Davis. John Selep, a member of the Sacramento Angels, is a managing partner of the fund, along with Julie Morris, who was the first CFO of Marrone Bio Innovations Inc. in Davis.
“Northern California and the Central Valley will be our playground,” Selep told the Sacramento Business Journal. “It is not exclusive to Davis. We have a target-rich environment for investments.”
The fund was reported to likely to invest $250,000 to $500,000 in seed-stage companies, with some additional capital left for follow-up funding, and that the fund would be tied to tech developments related to and coming out of the plentiful ag research going on at the University of California, Davis.
Selep is currently working with other financers to fully develop the fund, according to the article, and the launch date is yet to be determined.
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FEATURED PHOTO: Ian Sane/Flickr