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New seed fund launched to expand early-stage funding opportunities outside Boston metro area
The Massachusetts Life Sciences Center (MLSC) plans to launch a seed fund to support the development of life sciences startups outside of the Greater Boston area. These areas, many already rich in major research university and medical center anchor institutions, should be bolstered by this early-stage funding currently concentrated in Boston.
Although the MLSC hopes to expand the program in future years, the fund will provide individual investments of up to $250,000 in convertible notes with up to $1 million of capital investment available Lowell, Worcester, Springfield, Amherst, and Pittsfield. Having won a $300,000 grant from the U.S. Department of Commerce’s Office of Innovation and Entrepreneurship, the MLSC board has approved $300,000 in matching grants, which will be administered in conjunction with the Massachusetts Transfer Technology Center.