The Medical University of South Carolina (MUSC) has launched two venture capital funds totaling $30 million to support healthcare innovation and entrepreneurship in the state.
Why it matters: The funds aim to bridge the gap between academic research and commercial viability, stimulating economic development and attracting private investment to South Carolina’s healthcare sector.
The details:
- The $20 million 1824 Health Ventures Fund I will provide seed capital for MUSC-originated startups and emerging companies transforming healthcare.
- The $10 million South Carolina Health Innovation Fund (SCHIF) will support high-impact health innovation companies from both within and outside MUSC that are committed to growing and operating in South Carolina.
- SCHIF is a strategic partnership between MUSC Health and the state’s Small Business Credit Initiative (SSBCI) administrator, with each contributing $5 million.
- The funds align with MUSC’s OneMUSC strategic goal to stimulate the state’s economy through innovation and are expected to support the creation of businesses and higher-wage STEM jobs.
South Carolina currently ranks 45th in the nation in venture capital activity but experienced the 10th highest growth rate in venture capital relative to GDP from 2012 to 2022.
What they’re saying:
- “These funds represent a transformational step in turning South Carolina into a national destination for health innovation and entrepreneurship,” said David J. Cole, M.D., FACS, President of MUSC.
- “By building an evergreen investment model, we’re laying the foundation for a durable and consequential innovation ecosystem across South Carolina,” said Will Cruz, chief investment officer of InvestSC.
- “It takes a lot of money to go from scientific opportunity to validation, to building out and getting through your clinical trial progressions in order to have a commercial chance,” said Bob Crutchfield, managing director at MUSC.
What’s next: The funds are expected to attract increased private investment into MUSC’s ventures, advance the medical field within South Carolina, and create high-growth businesses in the state’s healthcare sector.
