PHOENIX — A Phoenix-based philanthropic organization is entering the venture capital world to advance its mission of supporting bioscience and health care-focused startups.
The Flinn Foundation has joined Scottsdale-based Xcellerant Ventures as a limited partner in its Xcellerant Venture Capital Fund I, the organization announced.
Xcellerant Ventures primarily invests in early and seed-stage startups in the healthtech and medtech sectors with strong intellectual property portfolios and the potential to "transform medical practice and dramatically improve health care," according to the VC firm.
The VC firm has invested $9 million to date in six startups in Arizona, California and Minnesota.
The Flinn Foundation’s investment in Xcellerant’s venture capital fund is mission-driven and complimentary to the organization’s portfolio, saidStacy Tucker, vice president and chief financial officer of the Flinn Foundation.
