Pack Ventures is a venture capital fund that focuses on investing in startups connected to the University of Washington. The fund was launched two years ago with the goal of investing in early stage startups that have ties to UW, whether through being spun out of the university or led by alumni. Pack raised about $5 million from over 80 investors, including both experienced Seattle VCs and first-time venture capitalists. The fund invested in 26 companies across various sectors, including life sciences, software, and healthcare, as a way to test its investment strategy.
Now, Pack is looking to raise $30 million for its second fund. Recently, the fund signed a memorandum-of-understanding with UW to be the preferred venture partner of the university and its innovation arm, CoMotion. This partnership signifies the success of Pack’s initial strategy and its ability to build relationships within both the university and the broader entrepreneurial ecosystem in Seattle. Pack has co-invested alongside local firms in startups like Monod Bio, Outbound AI, and Talus, providing unique access to innovative ideas and founders emerging from UW.
Pack operates independently from the university, similar to other venture funds tied to large research institutions such as Berkeley and MIT. The fund plays a crucial role in helping to bring research out of the lab and into the market, fostering entrepreneurial activity on campus. With a focus on supporting UW’s vision and mission, Pack aims to have a significant impact on the state of Washington’s entrepreneurial ecosystem. Structured as a 506(c) fund, Pack is able to actively promote and advertise to accredited investors, providing opportunities for a more diverse base of LPs to contribute to the fund.
The fund accepts smaller individual investments and offers sidecar investments, allowing LPs to put additional cash behind portfolio companies. With investments typically ranging from $25,000 to $200,000 per company, Pack hopes to increase its investment size with the new fund, potentially signing checks worth up to $750,000. The fund’s approach to investing in startups that have connections to UW sets it apart in the Seattle venture capital landscape, offering a unique opportunity for investors to support innovative ideas and founders emerging from the university.
While entrepreneurship may not be as deeply embedded in the culture at UW as it is at schools like Stanford, Pack’s presence aims to inspire more students to consider startup opportunities. By engaging more with the university community and providing support for entrepreneurial activities on campus, Pack hopes to create a catalytic effect that encourages more students to pursue startup ventures. With plans to host a lunch event to share information about its new fund, Pack Ventures is poised to continue making a mark on the Seattle entrepreneurial ecosystem and supporting innovation emerging from the University of Washington.
