#USA #San Diego #Prebys Foundation #Venture Fund

Prebys Foundation Launches $50 Million Venture Fund for San Diego

The Prebys Foundation recently announced an ambitious initiative to bolster innovation and stimulate economic growth in San Diego with the introduction of a new $50 million impact investment fund known as the Prebys Ventures Impact Fund. This significant financial commitment underscores the foundation’s dedication to fostering high-potential startups in key sectors such as technology and life sciences.

With a clear vision, the Prebys Ventures Impact Fund seeks to bridge an existing resource gap within San Diego's burgeoning innovation ecosystem. The fund aims to support regionally based companies, fostering an environment that nurtures groundbreaking ideas while aligning with the foundation's overarching commitment to socially responsible investments.

Leadership and Management

Taking charge of this exciting venture is Mike Krenn, a well-respected figure in San Diego's entrepreneurial community. As the CEO of Connect San Diego and the founder of Tech Coast Angels and CommNexus, Krenn has a robust background in developing innovative solutions and raising substantial capital within the region. His deep understanding of the local startup realm brings invaluable expertise to the management of the fund.

"The launch of Prebys Ventures represents a substantial leap forward in our pursuit to align our investments with our organizational values and commitment to the San Diego community," stated Grant Oliphant, CEO of Prebys Foundation. This sentiment echoes throughout the foundation, signaling a strong resolve to enhance the local economy through strategic investment.

Empowering Startups in High-Growth Sectors

The Prebys Ventures Impact Fund will focus on early-stage startups that reside in tech and life sciences, two sectors that are poised for growth and innovation. By identifying and nurturing promising companies, the fund aspires to create a ripple effect that elevates San Diego's status as a global leader in innovation.

The initiative aims not only to generate financial returns but also to produce measurable positive outcomes for the broader San Diego community. By prioritizing entrepreneurial ventures that contribute to the region's existing momentum, the fund is set to enhance the economic landscape while creating sustainable opportunities for local residents.

Gil Alvarado, CFO of Prebys Foundation, echoed the enthusiasm surrounding the fund's launch, remarking, "We believe in San Diego's potential and are making a dedicated commitment towards its innovation leadership through Prebys Ventures. Mike Krenn’s alignment with our mission is something we greatly value."

A Holistic Approach to Impact Investments

The Prebys Ventures Impact Fund operates under a unique structure designed to maximize both financial and strategic outcomes, reflecting the commitment to accountability among stakeholders. This means that alongside traditional financial metrics, the fund will provide insights into mission-centric results, illustrating the positive contributions made to the community.

Upon its anticipated official launch in 2025, the fund will be equipped to identify, invest in, and nurture a myriad of innovative companies based in San Diego. This strategy aligns seamlessly with Prebys Foundation's mission to empower communities through thoughtful investments and collaboration.

In summary, the Prebys Ventures Impact Fund epitomizes a forward-thinking approach to venture capital by intertwining financial growth with community development. With a talented leader at the helm and a focus on high-growth sectors, this initiative is set to pave the way for a vibrant future in San Diego's innovation landscape.

Conclusion

As the Prebys Foundation sets the stage for impactful progress, the establishment of the Prebys Ventures Impact Fund invites local entrepreneurs and innovators to leverage crucial resources. This endeavor signifies a profound commitment to enhancing San Diego's economy and fostering a culture of innovation that benefits all members of the community.