May 26, 2021

Jacksonville-based PS27 launches $20M venture capital fund led by local investors


PS27 Ventures is launching a $20 million fund backed by First Coast investors that will seek to invest in about 20 to 40 startups throughout the Southeast.

The fund will focus on companies involved in sustainability, software and e-commerce, said Jim Stallings, the founder and CEO of PS27, the Jacksonville-based early stage venture capital company founded in 2013.

“A big chunk of that $20 million is my investment,” Stallings told the Business Journal. “I committed to all the other investors (to start the fund), so I was in first, and about half of it has come from local Jacksonville (investors). It’s really rooted here.”

Several startups have already been vetted and been through the due diligence process for the funding, he said.

Stallings didn’t disclose details on the companies that will receive the initial investments but said one of them is an artificial intelligence-focused company focused on augmented reality.

The companies were selected from the plethora of firms that have approached PS27 about investing. The selection process is rigorous and involves several steps and meetings with PS27 leaders to determine whether they’re fit for the capital.

“Right now we’re on track to see 1,000 startups a year,” Stallings said. “And that’s without announcing the new $20 million fund.”

The fund is focusing on well-developed startups with a successful product and customer base that are looking to take the next step in their business. Read the full article here.

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