Vermont Seed Capital Fund FY2013 Report

Please find attached the Fiscal Year 2013 public report of the Vermont Seed Capital Fund, LP. A subsidiary of the Vermont Center for Emerging Technologies (VCET) is the Fund Manager. Investing activities began in May 2010 shortly after the first capital contribution arrived, and as of November 2013, 13 companies from around Vermont have been initially supported by $2.2M of the Fund’s early stage risk capital. To date, 7 portfolio companies have received follow on investment and 3 companies have failed.

During the initial 10-year fund time horizon, a total of 17 companies are anticipated to receive initial funding support during the fund’s first revolve. The Fund completed its 4th consecutive annual financial and process Audit without issue as conducted by an independent CPA firm.

As of June 30th data capture, the first 12 companies supported with the Funds $1.9M investment have attracted $21M in total capital, earned $16M in cumulative revenues so far, and paid $10M in cumulative payroll.

VCET invested $1M in capital alongside a total of $4.1M of one time capital from the State of Vermont via the Vermont Economic Development Authority (VEDA) to form this permanent, revolving $5.1M high risk pool of capital.
Thank you for your continued support of entrepreneurs in Vermont. We are available to discuss further or to answer questions.