*NEWS: Two Cove Fund Portfolio Startups Selected For Quick Pitch Competition
Two startups that have received investments from the Cove funds have been selected by the San Diego Venture Group and Tech Coast Angels as Top 10 Finalists in their jointly-sponsored upcoming Quick Pitch competition, on October 24 at Irwin Jacobs Hall on the Qualcomm business campus in La Jolla.
Evasyst and Lynx Biosciences, which recently moved its HQ to San Diego, both have received investments by the Cove funds. The Cove Fund I was a seed fund and is almost fully deployed. Cove Fund II managers – with a reservoir of about $15 million – are focusing on seed and follow-on investments. See related story here.
Both Cove funds invested in Evasyst. Cove Fund I was the lead investor in the startup’s first round, which also received investments from TCA, Wharton Angels and others. In this latest round, Cove Fund II was the lead investor and Cove Fund I did a folo-on investment.
Mucker Capital, a seed-stage venture fund in Santa Monica, was the lead investor in the company’s second round, in which Cove Fund II invested, along with several other participants from the first round.
Evasyst is keeping both investment amounts confidential.
Cove Fund II is the lead investor in Lynx’s second round, which is in syndication with the SoCal venture investment community.
The Quick Pitch competition offers a venue for startups to gain exposure to the influential sources of private venture capital and other key strategic partners throughout SoCal.
Selection to one of the Top 10 pitch slots is considered “significant” recognition of entrepreneurial achievement, as well as a key indicator of a startup’s future success.
Evasyst, is developing an all-in-one social gaming discovery app where you can seamlessly play, watch and add new groups of friends from around the world.
Lynx Biosciences was founded by researchers at the University of Wisconsin-Madison in 2013 and is commercializing a micro-fluidic platform technology to rapidly identify effective treatment options for cancer patients by characterizing individual patients’ cancer behavior and disease evolution.
Its product uses a standard-of-care biopsy to create a living model of a patient’s cancer, including the patient’s own micro-environment.