Nov. 5--Memphis-based Innova Fund II, LP has been selected as one of six venture capital firms to participate in the TNInvestco program, state officials announced today. The initiative is aimed at bolstering entrepreneurial communities and helping create new businesses in the state.

Innova was the only West Tennessee finalist. The other recipients are located in Nashville and Chattanooga.

Innova will receive $20 million in gross premiums tax credits, which will be marketed to insurance companies to establish of venture capital funds for investment in early- and mid-stage companies in Tennessee.

"The state of Tennessee should be commended for its vision and innovation in its creation of the TNInvestco model and program. This is a very creative approach to spurring economic investment in the state, and Innova is honored to have been selected," said Ken Woody, president of Innova. "This selection will allow us to continue our mission and charter at Innova. We look forward to our role in helping to identify and lead investment rounds for high-potential business opportunities, to advise and mentor entrepreneurs and to facilitate follow-on investments."

Innova is a pre-seed, seed and early-stage investor focused on starting and funding high-growth companies in the biosciences, technology and agbio.

For more information, visit online at innovamemphis.com.

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