MIT’s The Engine more than 90 percent toward $250 million for Fund II
This might fall into the category of the rich get richer.
The Engine, the venture firm founded by MIT in 2016 to support “tough tech” companies, has announced that it has raised $230 million in its second round of funding and will begin making investments in additional start-ups focused on conceiving and commercializing solutions to some of the world’s most pressing challenges.
MIT, which provided $25 million in anchor funding for The Engine’s Fund I that closed at more than $200 million in 2017, is investing $35 million toward this new round of funding, The Engine Fund II. MIT’s contributions to The Engine are part of an overall portfolio of investments intended to generate returns for the Institute’s general operating budget and cultivate the Cambridge innovation ecosystem. Funds are released over time as investments are made in tough tech companies.
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