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SCVNGR raises $15 million - Technical.ly

Welcome to the VC Roundup, where we'll parse through venture capital news related to Philadelphia-based private equity firms and the companies they fund. ....

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Audit knocks state agency for losing track of $25M loan program | News, Sports, Jobs

For The Inter-Mountain
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state. ....

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Audit knocks state agency for losing track of $25 million loan program | News, Sports, Jobs

SHORTCOMINGS The offices of the West Virginia Economic Development Authority in Charleston.
CHARLESTON The West Virginia Economic Development Authority lost track of a $25 million venture capital loan program and has little to show for success according to a new report.
The West Virginia Post Audit Division released a report Tuesday highlighting the failures of the EDA’s $25 million Non-Recourse Loan Program.
“It is the Legislative Auditor’s opinion that the Loan Program did not achieve the intended outcomes and what was achieved is difficult to quantify,” the report stated.
Created in 2002 by the Legislature at the request of then-governor Bob Wise, the EDA borrowed $25 million from the Investment Management Board (now the Board of Treasury Investments). The EDA then used that money to fund seven venture capital firms who agreed to invest funds in West Virginia and create jobs in the state. ....

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