Delaware My Market Place #STA26103-SSBCI_VENTURE

Delaware SSBCI venture capital seed fund management

Delaware is seeking fund managers to operate venture capital investments under its SSBCI seed fund program. - Government buyer: State of Delaware, Department of State, Division of Small Business. - Program and funding: Manage Delaware’s participation in the U.S. Treasury’s State Small Business Credit Initiative (SSBCI). The solicitation anticipates about $8 million for one or two funds, with a cap of $4 million per fund, as part of a broader plan to direct approximately $30 million to venture and equity programs. - Services requested: Establish and operate the fund or funds; develop investment strategy and select investments; conduct outreach and build co-investor relationships; oversee portfolios and provide advisory support; manage conflicts of interest, compliance, accounting, and reporting. - Investment focus: Invest in seed and early-stage Delaware startups. At least 90% of anticipated investments must be in Delaware-based companies. Typical individual investments are expected to range from $500,000 to $5 million, targeting FinTech, Agriculture, Recreation, Blue Tech, and Biopharmaceutical Manufacturing. - Program priorities and requirements: Secure private-sector matching capital and develop a strategy to serve socially and economically disadvantaged businesses. The broader program aims to leverage at least 10:1 in private capital over ten years and expand access to capital and advisory services for women, founders of color, and rural businesses. - Named vendors and OEMs: No fund manager, vendor, or product manufacturer is named; respondents are expected to be qualified venture capital funds. - Term and funding schedule: Two-year contract term, with two optional one-year extensions. SSBCI funding is expected in two tranches approximately 24–36 months apart.

Description

The State of Delaware Department of State, Division of Small Business, seeks proposals from qualified venture capital funds to manage Delaware’s participation in the State Small Business Credit Initiative (SSBCI) program. The program intends to use approximately $30 million for venture and equity programs, aiming to leverage at least a 10:1 ratio of private capital over 10 years. Its stated goals include developing Delaware’s resident venture capital capacity, increasing deal flow in targeted industries, and expanding access to capital and advisory services for founders of color, women, and rural-based businesses. Proposals are due December 2, 2026, at 1:00 PM local time; the source states that no mandatory pre-bid meeting has been established.

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