01FAQ
02The fund
What does the fund invest in?
Companies that create current, potential or future headcount in Ventura County. A company qualifies under the headcount test: it is headquartered in the county, it has five or more people working here, or it commits in writing to hire here within 24 months. The fund invests at pre-seed and seed in early-stage B2B SaaS, biotech and defense.
Who runs it?
Luke Erickson, Managing Partner, with an investment committee. VCIF Management, LLC is the fund's general partner. Startup Ventura, a 501(c)(3) accelerator serving Ventura County, is the fund's deal-flow partner.
How is it connected to Startup Ventura?
Startup Ventura works with the fund's management company to provide deal flow: it trains the county's founders and brings the companies it graduates to the fund. Startup Ventura trains the founders. The fund backs the ones building here. The upside funds the next cohort.
Is the fund a nonprofit?
No. Startup Ventura is the nonprofit. The fund is a separate investment vehicle with its own management company.
03Investors
Who can invest?
We'll share eligibility when the fund opens. Sign up for fund updates to hear first.
How will I hear about the fund?
Sign up for fund updates. Quarterly letters and news go to the list as the fund comes together.
Where will documents live?
Investor documents and statements will be handled through the fund's administration platform.
Is an investment tax-deductible?
No. Gifts to Startup Ventura are charitable donations, not investments in the fund. Investments in the fund are not tax-deductible.
04Cities
Is this allowed for a city?
Each city's counsel and treasurer decide. We bring our counsel's structure summary to every briefing.
Who manages the money?
Counsel is designing the vehicle's structure, including who manages its capital and how it is accounted for. The current design keeps it alongside the fund with a report for each city, and each city's counsel reviews the structure before the city commits.
Does this pay for Startup Ventura's operations?
No. City capital goes into companies. The goal is that a share of the fund's upside pays for the accelerator over time, so city dollars go into companies instead of operations.
How do you report?
Every quarter, for everyone: jobs at portfolio companies in your city, companies backed and capital deployed, follow-on capital raised, and the share of portfolio headcount based in the county.
What happens if a company leaves the county?
The headcount test applies at the time of investment, and the quarterly report shows where every job is, so a move shows up in the next report. The hiring commitment a company made is written into its investment terms; what follows a move depends on those terms.
05Founders
Do I have to join the accelerator?
The path to the fund runs through Startup Ventura. The fund invests from the accelerator's cohorts, and may consider a company outside the program that passes the headcount test.
Do you lead rounds?
Sometimes. The fund leads when the round fits its check size, and invests alongside a lead when it does not.
What do you ask of portfolio companies?
Quarterly headcount reporting: how many people work in Ventura County, by city, so the fund can publish its report.
06Startup Ventura
Can I donate to the fund?
No. Donations go to Startup Ventura and are not investments in the fund. Gifts to Startup Ventura are charitable donations, not investments in the fund. Investments in the fund are not tax-deductible.