Partnership formed to fund start-ups in underserved regions of California

CHICO
April 17, 2009 10:39am

Wavepoint Ventures LLC of El Dorado Hills and Menlo Park and Golden Capital Network of Chico says they have formed a new partnership to bring resources to start-up companies in underserved regions of California, such as the Central Valley.

Under the partnership, Wavepoint’s team of venture capitalists will work with local staff of Golden Capital Management Company, an affiliate of Golden Capital Network, to identify innovative start-ups in underserved regions of California, organize local angel investor networks, and mentor start-up companies.

To support the initiative Wavepoint will begin formation of its second venture capital partnership, a $25 million venture capital fund targeting seed and early-stage investments in “clean energy” technology, medical technology, and software technology companies in Northern California.

“We are excited to partner with the Golden Capital Network team and gain greater access to innovative start-ups in regions that do not get sufficient attention from the venture capital community,” says Peter Bernardoni, a managing director with Wavepoint Ventures. “These regions provide attractive opportunities to bring investors and entrepreneurs together to build profitable and sustainable technology businesses that will help to drive the future of California’s economy.”

Jon Gregory, CEO of Golden Capital Network, nites that his company’s focus is identifying start-ups and providing them with opportunities to present their innovations to investors. “This partnership is the next logical step in our organization’s development and in our overall effort to bring capital to entrepreneurs,” he says.