The biotechnology industry in St. Louis is booming. And residents eager to take part in the boom will soon have a chance.
The iSelect Fund, which allows accredited investors to invest in a batch of St. Louis-based companies, just announced it has formed a committee to add biotech companies to its existing portfolio. Fund managers are currently performing due diligence on two biotechnology companies.
“We are delighted to add Biotech companies to our existing portfolio options including high tech and other high potential early stage companies,” Scott Levine, one of iSelect’s founders, said in a statement. “This addition supports the capital needs for our community as well as offering the diversification essential for a strong early stage investment portfolio.”
The five-person Biotech Selection Committee will be led by Jim Von der Heydt, a former executive vice president at Ralston Purina and an active investor with Arch Angels. Other members of the committee include Roger Beachy, the founding president of the Danforth Plant Science Center; Bobby Sandage, former CEO of Coronado Biosciences; Melissa Walker, founder and chief technology officer of Graematter and Michael Beat, former Medical Director of Arch Cancer Center.
The iSelect Fund allows accredited investors, those making $200,000 in annual income ($300,000 for couples) or worth $1 million excluding the value of their primary residence, to invest in batch of local startups. Unlike traditional venture capital funds, which require investment in the entire portfolio, the investors are able to choose the companies they would prefer placing their money.
As of June, there are currently eight companies in the iSelect portfolio: adFreeq, Benson Hill,CrazyforEducation, Gremln, QMaxx, SirenGPS, Tansna and Time to Cater.
While the fund currently exists exclusively in St. Louis, fund managers are looking to expand to other cities such as Kansas City, Minneapolis and Denver. With the JOBS Act signed into law in 2012, funds such as iSelect are now allowed to actively seek investors through traditional forms of advertising.
For more information on iSelect, visit: http://iselectfund.com.