Invest Georgia Fund FAQs

The Invest Georgia Fund is a state-backed investment fund created to improve success opportunities for innovative, high-growth, Georgia-based businesses which in turn create and grow knowledge-based, high-income jobs. 

Early- and growth-stage companies almost always encounter a capital access problem between initial business creation and the need for expansion funding. The Invest Georgia Fund is a long-term strategy to support Georgia small businesses and Georgia entrepreneurs to access capital needed for future growth.

The venture capital community in Georgia was limited in its ability to retain and support the flow of early-stage companies initially primed through angel or other institutional early stage investments. 

When the General Assembly established The Invest Georgia Fund in 2013, virtually all the of states bordering Georgia had stood up well-funded venture funds for the purposes of expanding innovation ecosystems and attracting early stage and growth stage businesses. The appeal of those state programs were capturing the attention of Georgia venture funds and entrepreneurs alike.

The Invest Georgia Fund invests in qualified venture capital funds rather than investing directly in businesses. A third-party Fund Administrator evaluates potential venture funds and makes recommendations to the Invest Georgia Board, which has final approval of Fund investments.

The selected venture funds then identify and invest in eligible Georgia businesses through their own due diligence and investment processes. As investments generate returns, capital and a share of profits are returned to the Invest Georgia Fund and reinvested in future venture funds.

By all measures, The Invest Georgia Fund has been a success. 

With initial appropriations from the state, The Invest Georgia Fund has invested in 20 Georgia headquartered venture funds, some of which are managed by long-established Georgia venture partnerships and others are new, first-time Georgia venture funds inspired by the promise of the Fund model.  These extensively vetted venture funds also have attracted venture-backed investment from locations across the nation, growing the overall pool of resources available to Georgia’s early stage and growth stage businesses. 

As of 2026, the 20 venture funds have invested in at least 115 Georgia-based businesses selected through a thorough due diligence process. These businesses have cumulatively created more than 4,900 new jobs.

As these Georgia venture-backed businesses have grown, they have been returning distributions to the venture funds.  The venture funds are then returning the original capital investment and 80% of profits to The Invest Georgia Fund. This productive investment cycle has permitted the Fund to disperse the original $49.6 million appropriation plus returned distributions resulting in an overall venture investment rate of 112%. 

Invest Georgia has funded 20 venture capital funds since its inception. Those funds have invested in at least 115 Georgia businesses as of 2026. More than 4,900 jobs have been created from those businesses. 

The Invest Georgia Fund invests in qualified early-stage and growth-stage venture capital funds.
Growth-stage funds must have at least two principals directing investments, a principal office in Georgia and a majority of their employees in Georgia. Early-stage funds must have at least one principal directing investments.

Qualifying fund principals must have at least five years of relevant experience in venture capital, angel capital or private equity. Funds must also meet Georgia-based investment requirements and demonstrate the ability to lead investment rounds, advise and mentor entrepreneurs, and facilitate follow-on investment.

Venture capital funds must raise a portion of their total fund capital from institutional investors, fund principals or other accredited investors.

• Growth-stage funds: At least 50% of total fund capital must come from these private sources.
• Early-stage funds: At least 10% of total fund capital must come from these private sources.

Eligible businesses generally operate in sectors that support innovation and economic growth in Georgia, including:

• Technology
• Healthcare
• Life sciences
• Agribusiness
• Logistics
• Energy
• Manufacturing

Retail, real estate, banking and professional services are among the sectors that are not eligible for investment.

An early stage business is one defined within the legislation that has 20 or fewer employees and $1 million or less in annual revenue.

A growth stage business is one defined within the legislation that has 100 or fewer employees and more than $1 million in annual revenue.

As investments generate returns, the Invest Georgia Fund receives its original invested capital back, along with 80% of profits after the return of capital. These proceeds remain with the Fund and are reinvested in new early-stage and growth-stage venture funds, helping the Fund continue supporting investment in Georgia businesses.

The Georgia General Assembly established the Invest Georgia Fund in 2013 and authorized up to $100 million in state funding over five years. The state has authorized $49.6 million to the Fund to date.

As investments generate returns, capital and a share of profits are returned to the Fund and reinvested, allowing it to operate as an evergreen investment fund.

A five-member voting Board of Directors oversees and governs The Invest Georgia Fund.  An Executive Director oversees day-to-day operations. An outsourced fund administrator, required by legislation, conducts due diligence of potential Georgia-based venture funds. The Board of directors has final approval of all potential venture fund investments by Invest Georgia. The fund administrator also currently monitors the Invest Georgia portfolio of funds. Both the investment consultant and the executive director report to the board.

The Fund Administrator establishes a general investment policy, conducts due diligence on growth- and early-stage venture capital funds and advises the board on the selection and subsequent performance of the selected funds.

Board membership consists of 3 members appointed by the Governor, one member appointed by the Lieutenant Governor and one member appointed by the Speaker of the House of Representatives. Each member of the Board is a resident of Georgia and has experience in early stage, angel or venture capital investing, growth stage venture capital investing, fund of funds management or entrepreneurship. Members of the board are not affiliated with any venture capital fund that has been selected. 

Commissioners of the Departments of Economic Development and Community Affairs serve as non-voting members. 

Georgia’s General Assembly established the venture fund with passage of House Bill 318 in 2013.

• See House Bill 318 (external link).

Chapter 10 of Title 10 of the Official Code of Georgia Annotated (“OCGA”), relating to the Seed-Capital fund was amended and a new Article, (“the Article”) was added to create The Invest Georgia Fund. 

The Article further defines the type of investments that The Invest Georgia Fund is permitted to make, creates the Invest Georgia Board describing its powers and duties, including the selection of a Fund Administrator, and sets out reporting requirements.

 

The Invest Georgia Fund submits an annual report by December 31 each year to the Governor, the Speaker of the House of Representatives and the Lieutenant Governor. The report then is posted to the Invest Georgia website and is accessible to all members of the General Assembly.