|FOR IMMEDIATE RELEASE||Source:|
Iowa Capital Investment Corporation (ICIC) - www.investiowa.com
Troy Price, Governor's Office - (515) 281-0173
Dennis Murdock, ICIC - (515) 229-4548
Chip Cooper, Cimarron - (319) 621-2066
Jim Dugan, OCA Ventures - (312) 542-8944
Governor Culver Announces Iowa Fund of Funds Invests $5 Million in OCA Ventures II
November 10, 2008 | Des Moines, IA
— Governor Chet Culver announced today that the Iowa Capital Investment Corporation (ICIC), the state's venture capital development organization, has committed $5 million to the second fund of OCA Ventures, a leading early stage venture capital firm. ICIC's commitment was made through the Iowa Fund of Funds program.
"As Governor, I am committed to bringing new jobs to our state and creating greater opportunities in our communities, and the Iowa Capital Investment Corporation is helping us do exactly that," said Governor Culver. "ICIC is helping to expand the availability of venture capital in Iowa, which will help us deliver the capital and know-how that young companies need to create new jobs across our state."
"ICIC looks forward to working with OCA II to highlight Iowa's innovative entrepreneurs," said Dennis Murdock, ICIC Chairman. "The OCA team impressed us with their strong track record and interest in Iowa's competitive technology firms."
According to OCA CEO and Managing Partner James Dugan, the OCA team is currently building an in-state referral network within Ames, Cedar Rapids, Des Moines and other Iowa cities. The firm served as a sponsor of the recent Iowa Venture Capital and Entrepreneur Conference and will be an active participant in other events promoting Iowa companies.
OCA Ventures, based in Chicago, manages more than $90 million of capital commitments and has invested in 26 companies to date since it began investing in 1999. OCA II will focus primarily on core technology platforms and technology enabled business and consumer services, with emphasis on financial services and for-profit education sectors.
"What OCA finds compelling about Iowa is the technology innovation coming from Iowa universities as well as its technology development in the private sector," said Dugan.
Iowa entrepreneurs should visit ICIC's web site (www.investiowa.com) for more information on the Iowa Fund of Funds and programs to help new and growing businesses.
About the Iowa Fund of Funds
The Iowa Fund of Funds is a $100 million program organized by the Iowa Capital Investment Corporation (ICIC) and professionally managed by Cimarron Capital Partners LLC. The Iowa Fund of Funds is designed to help build a professional venture capital industry to serve Iowa entrepreneurs. www.investiowa.com
About Iowa Capital Investment Corporation (ICIC)
ICIC is the private non-profit organization authorized by Iowa statute to serve as General Partner of the Iowa Fund of Funds and provide oversight and guidance to the Fund Manager. www.investiowa.com
About Cimarron Capital Partners LLC
Cimarron is a leading national investment management firm specializing in regional private equity. The firm serves as Fund Manager of the Iowa Fund of Funds. www.cimarroncapital.com