The Invest Illinois Venture Fund anticipates expending its remaining financial resources on opportunities currently within its pipeline. As such, the IIVF is no longer accepting applications at this time. A subsequent Fund may be opened sometime in the future.
The Invest Illinois Venture Fund (IIVF) is a venture capital program seeking to support young, innovative companies, and start-ups that show a high potential for future growth resulting in the creation of high-paying professional Illinois jobs. Applicants with a good business model and other interested investors should apply directly to the Illinois Department of Commerce.
In its application to the Department of Commerce submitted electronically, the company should demonstrate that it:
- Is an Illinois-based company or willing to relocate its headquarters or principal business operations to Illinois upon intent of investment.
- Already has an actual or conditional, market-based third-party lead investment commitment;
- Pursues a rapidly expanding market with demonstrated potential for large market share;
- Has a dedicated management team with significant experience to execute;
- Features a new idea /leverages technology with a clear path to commercialization and monetization;
- Has a strategy demonstrating a strong sustainable competitive advantage;
- Has an investment plan for (a) securing follow-on venture capital or financing to successfully sustain the company; or (b) to successfully sustain the company upon completion of the venture capital financing;
- Has successful collaborations and experience (preferably with Illinois-based incubators, labs and universities) needed to commercialize technology and accelerate the growth of a high-tech start-up company;
- Establishes reasonable price per share or terms;
- Conforms to all the Department of Commerce and US Treasury SSBCI guidelines.
Proceeds from the IIVF can be used for many business purposes, including, but not limited to:
- start-up costs,
- working capital,
- business procurement,
- franchise fees,
- and the purchase, construction, renovation, or tenant improvements of an eligible place of business that is not for passive real estate investment purposes
Download a printable IIVF form
Printable Fact Sheet about IIVF
Email to CEO.IIVF@Illinois.gov