RFP-Rhode Island Venture Capital Fund

Background
The Rhode Island Commerce Corporation is the official economic development organization for the state of Rhode Island, working with various partners to foster business growth and improve the quality of life for citizens.

The goal of this contract is to establish the Rhode Island Venture Capital Fund, which aims to provide catalytic investment dollars to early-stage companies in Rhode Island, ultimately creating jobs and further investment in the state.

Work Details
The selected Fund Manager will be responsible for establishing and managing the Rhode Island Venture Capital Fund, which may provide up to $2,000,000 for investments in early-stage companies.

These companies must be less than 5 years old, have under $1 million in revenue, minimal prior equity capital, and a substantial presence in Rhode Island (at least 50% of employees based in the state).

The Fund Manager must match state funding with private investment at least once. The maximum investment from the Fund to an eligible company will be $250,000. Up to 10% of the Fund may be allocated for opportunistic investments as series A or B investments.

Additionally, the Fund Manager will provide advisory services to early-stage companies on organizational structure, strategy, growth, and future capital raises. Quarterly reporting on progress and predetermined metrics is required, along with an annual audit by an independent firm.

Period of Performance
The project is anticipated to be awarded in January 2025 with all funds expected to be fully deployed by June 30, 2026.

Place of Performance
The contract will be performed within the state of Rhode Island.