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Weekend edition January 24, 2025 | Katelyn Biefeldt

Three Roots Capital cuts ribbon on new UT, Knoxville campus office

Grady Vanderhoofven, the President & CEO of Three Roots Capital said the new location was a strategic investment to be at the center of Knoxville's innovative and entrepreneurial ecosystem.

It was an exciting day for one of the biggest investment firms in East Tennessee. Three Roots Capital cut the ribbon on a brand new office space, hosted inside the University of Tennessee Research Foundation’s Business Incubator on the University of Tennessee, Knoxville’s (UTK) campus.

Dozens of investors, entrepreneurs, and ecosystem partners gathered in support. Grady Vanderhoofven, the President and Chief Executive Officer (CEO) of the investment firm addressed the crowd with a heart posture of gratitude and support. He addressed the various business owners in the room saying – “this space is for you.”

“This space is all about supporting small businesses affiliated with the University of Tennessee, start-up companies, small businesses, and we’re just carrying on an initiative that UTK has had for a long time,” he said.

Grady Vanderhoofven

Three Roots Capital has made a large regional impact over the past eight and a half years since the firm’s inception. Vanderhoofven rattled off a quick list of their accomplishments, each of which is significant on its own.

  • As of December 2024, Three Roots had $190 million in assets
  • Three Roots has deployed $170 million in the past eight and a half years.
  • They have received $95 million in New Market Tax Credits (NMTCs) to support economic development in economically distressed communities.
  • Three Roots has so far deployed $45 million in NMTCs, with a plan to deploy the remaining $50 million next week.
  • Three Roots financed the construction or renovation of 970 units of affordable housing.
  • They financed 15 start-up companies, including four UT start-ups.
  • They provided $25 million of financing for projects at the UT Research Park.
  • They financed the construction and renovation of almost four million square feet of real estate.
  • And, Three Roots has been directly responsible for the creation and retention of 3,600 jobs.

Even just one of these statistics is impactful, but when you combine them it’s apparent that Three Roots is really operating as an economic development engine for the region.

But, that’s not all, Vanderhoofven also announced that the Three Roots team is collaborating with UT on two “giant” National Science Foundation (NSF) grant applications, worth more than $100 million each.

“We have a multi decade history of collaborating with the university, which we’re continuing today, and that’s why being here is such a big deal,” he said.

Read more about Three Roots Capital.

Connect with Grady Vanderhoofven.

 



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