NASHVILLE, Tenn.--(BUSINESS WIRE)--Launch Tennessee (LaunchTN) announced today that private investment in early-stage companies based in Tennessee has surpassed $1 billion, well ahead of the 2017 goal the organization set when it was formed in 2012.
The early realization of LaunchTN’s lofty $1 billion goal is indicative of the rapidly accelerating growth Tennessee’s startup scene has experienced and the attention it has received from local, regional and national investors. A ripe climate for business in Tennessee has both encouraged local entrepreneurs to start businesses in-state and enabled them to benefit from a supportive ecosystem that assists in the growth and success going forward.
“We’ve got a perfect storm that combines organic benefits like low cost of living and an extremely talented workforce produced from our world class universities, with a significantly enhanced early stage capital scene and a commitment from the highest levels of state government to make Tennessee the best place to start a new business,” said Charlie Brock, CEO of LaunchTN. “Our seven publicly funded entrepreneur centers offer in-depth industry knowledge in specific sectors like music, logistics, healthcare, 3D printing and media, which broadens the scope of ideas and ingenuity that can find success here.”
LaunchTN attributes much of the local startup success to partnerships that has been cultivated with established organizations to offer mentorship at its accelerators. “Domain expertise from the music industry in Nashville and companies like FedEx in Memphis and Scripps in Knoxville gives our entrepreneurs real advantages in succeeding in those sectors,” said Courtney Corlew, director of communications for LaunchTN.
This total captures all early-stage investment activity of deals totaling $25 million or less. The vast majority of the aggregate $1 billion benchmark was achieved by individual investments of under $5 million, made primarily in early-stage startups by venture capital funds. Full details around LaunchTN’s investment tracking methodology can be found on its website.
About Launch Tennessee - Launch Tennessee (LaunchTN) is a public-private partnership dedicated to supporting high-growth entrepreneurs with the goal of making Tennessee the No. 1 state in the Southeast for entrepreneurs to start and grow a company. Through nine accelerators that it oversees, LaunchTN provides training, technical support, and assistance obtaining capital for promising early-stage companies. Visit LaunchTN.org to learn more about what makes Tennessee the best place for innovative tech companies.