In August, IU Philanthropic Venture Fund (IUPhV) portfolio company Doxly was acquired by Chicago-based Litera Microsystems. IUPhV invested $250,000 on November 30, 2018. All equity realizations from IUPhV investments are rolled back into the fund for reinvestment, so this exit will allow us to invest in 2-3 more IU-affiliated start-up companies. You can learn more about the Doxly management team and plans for the company going forward in this IU press release.
The IU Philanthropic Venture Fund also added two companies to its growing portfolio during Q3 of 2019. In July, the fund invested $1,000,000 into NuCurrent, a wireless power charging company, in its Series C round of financing. NuCurrent is led by Founder and CEO Jacob Babcock, who is an IU alum based in Chicago. The second investment from IUPhV this past quarter was $500,000 in Mentor Collective’s Series Seed II round of financing. Mentor Collective is a mentoring platform for higher education institutions, led by Jackson Boyar, an IU alum who is the co-founder and CEO of the Boston-based company. Of the 14 investments IUPhV has made to date, these two are the first companies located outside the state of Indiana.