CORI Innovation Fund

CORI Innovation Fund

Status: Active investment fund

Overview: The CORI Innovation Fund (CIF) is a qualified opportunity zone fund established to invest in growth businesses across rural America. The fund seeks out attractive operating businesses that are under-served by traditional venture capital institutions and have the potential to drive economic and job growth in small towns.

Geographic Scope

• Focus on qualified Opportunity Zones (QOZs) across the United States
• Initial focus on businesses in Rural Innovation Initiative (RII) communities
• Covers all 50 States, the District of Columbia, and Puerto Rico

Investment Focus

• Technology-enabled businesses
• Operating businesses in or willing to relocate to qualified opportunity zones
• Promising technology businesses with growth potential in rural geographies
• Companies underserved by traditional venture capital institutions

Key Features

• Launched September 2019 with matching grant from U.S. Economic Development Administration
• First investment: Proximity Space, Inc. (January 2020)
• Identifies, funds, and supports tech entrepreneurs in American small towns
• Focus on communities with superior high-speed broadband and proximity to higher learning institutions

Eligibility

• Must be located in or willing to relocate to qualified Opportunity Zones
• Technology-enabled or technology-focused operating businesses
• Growth businesses with job creation potential
• Preference for RII community businesses

Contact

• Jay Bockhaus, Managing Partner
• ruralinnovation.us

Background

QOZs were created as part of the 2017 Tax Cuts and Jobs Act to provide tax incentives to deploy capital gains into select low-income areas. The CORI Innovation Fund serves as a vehicle for investment into QOZs focused on rural economic development.