Bloomington-based business accelerator The Mill says it is launching a second investment fund for early-stage startups, thanks in part to a new federal award. The organization says it has received a nearly $400,000 grant from the U.S. Economic Development Administration.
The Mill says the says the federal funds, from the EDA’s Build to Scale program, will help it to establish a new fund on top of its existing investment fund, the Flywheel Fund. The second fund, call Turbine, will focus on attracting seasoned investors to make bigger investments. Both will continue to invest in Indiana-based startups.
“It’s no secret that wages in our community lag the national and state averages,” said The Mill Executive Director Pat East. “In part, that’s because Indiana ranks 41st in employment in high-paying tech sector jobs. To get those jobs, we need more tech companies, and tech startups need risk capital to grow quickly.”
East says the new grant will allow the Mill to accelerate efforts to cultivate the next generation of angel investors and fuel innovative new companies.
The Build to Scale program aims to accelerate technology entrepreneurship by increasing inclusive access to business support and startup capital. Fifty organizations across 26 states received grants totaling $36.5 million.