The Conrad Prebys Foundation has launched the Prebys Ventures Impact Fund, a $50 million fund dedicated to driving growth and technological advancement in San Diego through venture capital.
Prebys Ventures aims to support high-potential startups and companies, with a focus on early-stage firms in the tech and life sciences sectors.
The Prebys Ventures Impact Fund will target regional companies, officials said in a news release, to address “a critical resource gap in San Diego’s innovation ecosystem” while operating under a separately structured investment fund.
The fund plans to prioritize entrepreneurial ventures that support the region’s ongoing momentum as a global innovation hub.
Mike Krenn, CEO of Connect San Diego and founder of Tech Coast Angels and CommNexus (now EvoNexus), is joining the foundation to lead the management of Prebys Ventures.
Over the last eight years, according to the Prebys Foundation, he has raised more than $800 million in investments to support the San Diego innovation scene and is known for his ability to connect and collaborate with local leaders and entrepreneurs.
“The launch of Prebys Ventures is a major step forward in our ongoing commitment to align our investments with our values and mission on behalf of San Diego,” said Prebys Foundation CEO Grant Oliphant. “With his extensive experience in supporting San Diego’s unique engine of innovation, Mike Krenn is ideally suited to this new role, and to help bring other mission-minded investors alongside us to help move our region forward.”
Prebys Foundation CFO Gil Alvarado will oversee the fund as part of the Foundation’s overall larger portfolio and impact investment.
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