Birmingham-based venture capital firm First Avenue Ventures has launched a multimillion-dollar life science fund at UAB.
Called the First Avenue Ventures Life Science fund, the $6 million fund has a focus on research developed at UAB and will aim to invest in early-stage drugs, therapies and devices developed at UAB and in Birmingham. The fund and the Bill l. Harbert Institute for Innovation and Entrepreneurship will coordinate efforts to drive momentum in the local life science ecosystem.
“First Avenue’s mission is to help grow Birmingham’s entrepreneurial ecosystem,” said Mike Goodrich, First Avenue Ventures founder and fund manager. “Working with UAB allows us to better fulfill this mission of developing Birmingham businesses and building a brighter future for our families and workforce.”
The partnership aims to spur economic development in Birmingham and advance research across the state. This will further support the research, innovation and economic development pillar of UAB’s strategic plan.
“First Avenue Ventures’ Life Sciences Fund offers a critical resource for early-stage companies in the UAB pipeline,” said Kathy Nugent, executive director of the Bill L. Harbert Institute for Innovation and Entrepreneurship and chair of Clinical and Diagnostic Sciences in the School of Health Professions. “Having these resources focused on early-stage life science will help bridge the gap for companies spinning out of the lab.”
Saksham Narang, First Avenue Ventures fund manager and former venture adviser at UAB, will serve as the fund’s liaison with the university.
“Venture-backed companies bring well-paying jobs, financial opportunities and economic growth to a city,” Narang said. “We can share in the prosperity of coastal life science innovation hubs right here in Birmingham.”
