The Medical University of South Carolina launches two new venture funds
One will serve as a dedicated source of seed capital for MUSC-originated start-ups, while the other is a joint venture between MUSC and InvestSC.
The Medical University of South Carolina (MUSC), through the MUSC Foundation and MUSC Health supporting organizations, has announced the launch of two funds – 1824 Health Ventures Fund I, LP and the South Carolina Health Innovation Fund (SCHIF), LLC – to support entrepreneurs, accelerate innovation, and stimulate economic development across South Carolina.
Both funds will be managed by Bob Crutchfield, a senior executive with more than 30 years of leadership experience with major international companies, entrepreneurial start-ups, and venture capital firms.
1824 Health Ventures Fund I, LP:
The 1824 Health Ventures Fund, named in honor of MUSC’s founding year, will serve as a dedicated source of seed capital for MUSC-originated start-ups and emerging companies transforming healthcare. Backed by limited partners who support the broader MUSC enterprise, the $20 million fund will focus on early-stage investments that help to bridge the gap between academic research and commercial viability – a phase often referred to as the “Valley of Death,” when many promising discoveries fail to reach fruition due to a lack of funding.
South Carolina Health Innovation Fund:
SCHIF is a $10 million complementary fund made possible through a strategic partnership between MUSC Health and InvestSC, the state’s Small Business Credit Initiative (SSBCI) administrator. SCHIF is focused on high-impact health innovation companies – both from within and outside MUSC – that are committed to growing and operating in South Carolina.
“By building an evergreen investment model, we’re laying the foundation for a durable and consequential innovation ecosystem across South Carolina,” said Will Cruz, Chief Investment Officer of InvestSC. “Our participation in the South Carolina Health Innovation Fund reflects our commitment to investing in the assets that generate meaningful leverage statewide.”
SCHIF will prioritize companies that align with MUSC’s mission to improve health and deliver value through innovation, while also creating jobs, and strengthening the state’s life sciences and healthcare innovation landscape. The fund is designed to draw upon federal SSBCI funding to fuel long-term, sustainable economic growth.
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