Venture Capital in North Carolina: Meta Capital

In the world of venture capital $150 million isn't all that much money. But for venture capital in North Carolina, it's the difference between a desert and a tropical isle.

North Carolina has been without a resident venture capital firm for nearly two years. But MetaCapita Venture Partners LLC is creating a $150 million fund, intending to spend some of the money on North Carolina startup companies.

MetaCapita Venture Partners is based in Boston with a Washington, D.C., office and focuses on companies working on government defense and emergency response contracts.

MetaCapita's new fund will be run from Winston, N.C., according to the Business Journal of the Greater Triad Area, an affiliate of the Boston Business Journal.

Academy Funds closed its venture capital office in the Research Triangle, leaving the area begging for more local funding. Emerging and growth companies have been forced to go to Boston or New York seeking venture capital investment. The importance of the Greater Triad Area in creating innovative companies is just too massive for venture capital to overlook the area forever.

Odds are pretty good that MetaCapita will prosper. Academy Funds had backed Targacept Inc., a Winston-Salem biotechnology firm that held an initial public offering of stock recently. MetaCapita will likely do the same with some of its investments.

It's good to have venture capital in North Carolina back on track.

Posted June 2006