Next Level Fund Gets Thumbs-up From Tech Sector

Posted: Updated:
FISHERS -

The Indiana tech community is lauding the state's backing of a measure in the two-year budget that could make more money available for high-growth companies. The Next Level Indiana Fund, successor to the Mitch Daniels-era Next Generation Trust Fund, will have a wider scope, opening the door to higher-risk investments. The fund's potential pool is $250 million.

TechPoint Chief Executive Officer Mike Langellier says the move shows the rest of the country that Indiana is "going from laggard to leader" in venture capital. In an interview at Launch Fishers, Langellier calls the low level of available venture capital "an area of acute concern" for the state "particularly for those companies that are past early startup stage and they're in scale-up/growth stage." He says all of Indiana's neighbors have more of these funds available. "We have this crop of emerging companies that have the potential to be our next success stories, but there's not the venture capital in the ecosystem to support that growth," Langellier says.

The funding is generated by proceeds from the lease of the Indiana Toll Road and investments made through the fund previously had to be targeted at lower return fixed income investments.

  • Perspectives

    • Don't Drop Your Guard

      Why do you lock your home every time you leave it? Most likely, you do it to keep thieves out. Since you haven't experienced any thefts, why continue to lock up? Okay, you're probably shaking your head and thinking that I must not be all that bright. You keep locking your door because you don't want to create an opening for the thieves. Then help me understand what I've seen many companies do over the years...

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • rue21 Closing Indiana Stores

      Pennsylvania-based clothing retailer rue21 has announced plans to close hundreds of stores throughout the country, including eight in Indiana. In a post on its website and social media channels, the company called the move a "difficult but necessary decision."

    • Anthem Reaches $115M Data Breach Settlement

      Indianapolis-based Anthem Inc. (NYSE: ANTM) has reached a $115 million settlement agreement over the 2015 data breach involving nearly 80 million people. Attorneys for the plaintiffs in the class action lawsuit say the agreement, if approved by the court, would be the largest data breach settlement in history. The settlement fund would be used to provide those affected by the breach with at least two years of credit monitoring or reimburse those who are already enrolled.

    • Hundreds of Jobs Coming to Carmel

      Allied Solutions LLC in Carmel is planning to add more than 600 jobs over the next decade. The subsidiary of Minnesota-based Securian Financial Group will locate to a new $33 million company headquarters in the Hamilton County city.

    • Peabody Energy Files For Bankruptcy

      The world's largest coal mining company, which has six mines in Indiana, has filed for Chapter 11 bankruptcy protection. Missouri-based Peabody Energy Corp. CEO Glenn Kellow says the move comes "amid a historically challenged industry backdrop." The company alluded to the potential filing last month, citing massive debt. The Indiana portfolio includes the Bear Run Mine in Sullivan County, which Peabody says is the largest surface mine in the eastern United States.

    • Vertellus Bankruptcy Reorganization Complete

      Indianapolis-based Vertellus Specialties Inc. has emerged from Chapter 11 bankruptcy following a deal with creditors. The specialty chemical manufacturer says a group including Black Diamond Capital Management and Brightwood Capital Advisors has acquired nearly all its U.S. and international assets. Vertellus says it employs some 900 globally. DLA Piper, which was part of the legal team representing Vertellus, says the approximate price of the transaction was $454 million.