TampaBay.Ventures, a newly established venture capital firm, launched its first $20 million seed fund with a goal to support the growing tech scene in the Tampa Bay region.
The fund, founded by Marcus Adolfsson, Andreas Calabrese, Tom Frederick and Wesley Barnett, is focused on investing in 20 companies over the next five years.
“Tampa Bay is one of the fastest-growing economic centers in the United States and already home to multi-billion-dollar companies rooted in markets such as cyber security, e-commerce, health care, edtech, fintech and hardware,” said Marcus Adolfsson, general partner of TampaBay.Ventures, in a statement. “The number of technology companies expected to grow out of this region in the next few years is significant, and our goal is to be a big part of that success.”
Initially, the fund will scout for high-growth, tech-enabled, companies that have developed an initial product and are ready to scale.
The companies must be based in the greater Tampa Bay region.