Chicago-based mHUB, a leading independent hardtech and manufacturing innovation center and a collaborator with the Spark Innovation Center at the University of Tennessee Research Park, has announced the closing of its $15 million mHUB Product Impact Fund I LP.
According to this news release, 79 limited partners, mainly individual investors and some institutions, contributed to the new fund that is currently investing in seed and early stage hardtech companies accepted into the six-month “mHUB Accelerator Program” and has constructed half its portfolio with 26 investments to date.
“Hardtech development is capital intensive. The barriers to entry are high, which is why we’ve seen the list of unicorns grow in software over the last three decades,” said Steve Koch, Managing Director, Bowline Group and Managing Partner of the fund. “This fund, along with the unparalleled resources at mHUB, is changing that and provides some of the earliest backing hardtech companies need to prototype for manufacturability and get to commercial production faster.”
UTRP and its “Spark Cleantech Accelerator” are partners in the Heartland Climate Tech Partnership, a collaboration of start-up programs across the Greater Midwest Region including Evergreen Climate Innovations, mHUB, and Centrepolis Accelerator.