Pack Ventures and University of Washington team up to drive innovation and support UW startups
Pack Ventures, an independent venture capital fund, has formed a strategic partnership with the University of Washington (UW) to boost innovation and support entrepreneurial ventures emerging from the university.
The collaboration, formalised through a Memorandum of Understanding (MOU) signed earlier this year, provides opportunities for Husky alumni to invest in promising startups and aims to strengthen the UW’s entrepreneurial ecosystem.
Pack Ventures has become a preferred venture partner of the UW and CoMotion, the university’s collaborative innovation hub. As part of this partnership, Pack Ventures has launched its second fund, targeting $30 million to invest in startups with UW affiliations, including those founded by faculty, students, and alumni. The fund has already attracted over 50 investors.
The University of Washington is among the top institutions in the nation for securing federal research funds, receiving more than $1.5 billion in fiscal year 2023. These funds underscore the quality and creativity of UW’s faculty and staff, many of whom go on to start successful spinouts.
Pack Ventures was conceived during CoMotion’s Innovation Roundtable in 2020, which brought together venture capitalists and industry experts to discuss ways to elevate UW’s research and discoveries. Inspired by similar initiatives at peer institutions, the idea for Pack Ventures emerged from this roundtable.
To date, Pack Ventures has raised over $10 million from more than 100 investors and has invested in 29 companies connected to the UW. These startups, including those founded by faculty, students, and alumni, have collectively raised more than $130 million in additional venture capital funding or grants.
In addition to providing early-stage funding, Pack Ventures offers mentorship to its portfolio companies. The fund has also taken an inclusive approach by lowering the initial investment threshold, making venture capital more accessible to individuals who have been historically excluded from the market.
One notable success story from Pack Ventures’ portfolio is Monod Bio, a spinout from UW Medicine’s Institute for Protein Design. With Pack Ventures’ strategic guidance and funding, Monod Bio has raised $25 million and expanded to a 26-employee operation in Seattle’s South Lake Union neighbourhood.
Ken Horenstein, founder of Pack Ventures and a UW alumnus, stated: “The UW has seen over $30 billion in exit valuations in the past decade, and with further nurturing, that number will grow. Working with the UW, we will support entrepreneurial ventures while helping to attract top-tier faculty and students, increasing philanthropy, and engaging alumni in meaningful ways.”
He continued, “We’re progressing science. I want to see it actually have an impact on patients, customers, or industries.”
