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California Venture Fund to move tech businesses to Iowa

December 22, 2004 /

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A California-based venture capital fund has reached an agreement with the state to bring five new companies to Iowa over the next five years and create at least 300 jobs that pay an average of $50,000 annually.

The investment fund, Acuity Ventures http://www.acuityventures.com of San Jose, Calif., will invest $10 million in technology businesses that expand or relocate in Iowa, and the state will add $2 million more to the pot.

State economic development leaders said they will retain appropriation control over the $2 million, weighing each project against job- and wage-creation requirements.

Economic development leaders believes it is the first time the state has reached such a venture capital agreement.

By DONNELLE ELLER
REGISTER BUSINESS WRITER

Full Story: http://www.dmregister.com/apps/pbcs.dll/article?AID=/20041216/BUSINESS04/41216002/1001

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