Durham-based Hatteras Ventures continues to expand its role in helping manage funds going to North Carolina startups.
Last week, Hatteras was selected to manage the $60 million North Carolina Venture Capital Multiplier Fund by the McCrory administration.
Earlier this year, UNC-Chapel Hill selected Hatteras to manage its startup fund and also invest $10 million in UNC startups.
Those additional duties come in addition to Hatteras’ management of its own $350 million in capital.
The new N.C. fund is part of Gov. Pat McCrory’s Innovation to Jobs, or I2J, program.
“This is an important step toward reaching our goal of making North Carolina the third vertex in the National Innovation Triangle,” McCrory said in the announcement. “We have the quality of life, universities and economic centers to make it happen. We will continue to strengthen our innovation economy through the I2J initiative by converting more of the research at our world-class universities into patents and jobs.”
What’s the “third vertex?”
McCrory wants to see North Carolina join Silicon Valley and metropolitan to create a national triangle driven by technology and innovation.
The N.C. fund was part of the 2015-2017 state budget. Funds are to be invested in early-stage ventures.
