Prebys Foundation launches $50m venture fund to fuel innovation and economic growth in San Diego

Prebys Foundation has announced the launch of the Prebys Ventures Impact Fund (Prebys Ventures), a $50 million impact investment 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 specific focus on the tech and life sciences sectors, while aligning with the Foundation's broader commitment to impact-driven investments.

The Prebys Ventures Impact Fund will target regionally based companies, addressing a critical resource gap in San Diego's innovation ecosystem, and will operate under a separately structured investment fund. With this unique structure, Prebys Ventures will focus on investing in groundbreaking companies that align with Prebys Foundation's mission focus on health, research, and innovation.

Intended to deliver both financial returns and measurable positive impact on the greater San Diego community, the fund will prioritize entrepreneurial ventures that support the region's ongoing momentum as a global innovation hub. By investing in companies in the tech and life sciences sectors, the fund is poised to strengthen San Diego's economy and create lasting opportunities for local communities.

The foundation has also appointed Mike Krenn, CEO of Connect San Diego and Founder of Tech Coast Angels and EvoNexus, to lead the management of Prebys Ventures. With extensive experience and a deep understanding of the San Diego startup ecosystem, Krenn brings a proven track record in raising capital and fostering innovation in San Diego. Over the last eight years, 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 Grant Oliphant, CEO of Prebys Foundation. "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.''

www.prebysfdn.org

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