General Assembly Looking to Reinvigorate State-run Venture Capital Fund
Thursday, September 4th, 2025
Georgia lawmakers are taking a fresh look at a state-run venture capital fund that was created a dozen years ago.
The General Assembly intended to jumpstart Invest Georgia in 2013 with an infusion of $100 million, Charlie Thompson, the fund’s board chairman, told members of a state House study committee Tuesday. But so far, only about $50 million has been forthcoming from the state, said Thompson, founding principal of the investment firm Eco-Capital Advisors.
“Georgia has done a phenomenal job creating an ecosystem of startups,” he said. “But for these businesses to scale, they need investment capital. Companies starting here are not staying here.”
“One of the reasons Invest Georgia was put together was not just to start them, but to gestate them, grow them, and mature them,” added Rep. Todd Jones, R-South Forsyth, the study committee’s chairman.
Invest Georgia has used the state’s money to invest in 18 venture capital funds. In turn, those VCs have invested in 119 Georgia companies, which have created more than 4,300 jobs. A requirement of the legislation creating Invest Georgia is that it invest only in companies based in Georgia.
Every $1 dollar the state-run fund has invested has yielded a return of $1.60, Thompson said.
Sean Banks, a partner in Atlanta-based TTV Capital, told committee members his was the first VC fund Invest Georgia invested in. Since 2016, Invest Georgia funds have helped TTV Capital support startup companies, mostly in the financial technology space, to raise Atlanta’s profile as “Transaction Alley” for the fin-tech industry.
“Invest Georgia has been a wonderful stake for us in the ground,” Banks said. “They’ve been a phenomenal partner.”
But Thompson said Invest Georgia needs more resources if it is to move beyond startups.
Jones said the study committee will look for ways to give Georgia-based companies a “home-field advantage,” likely through some form of tax incentives.
Rep. Stacey Evans, D-Atlanta, another member of the committee, suggested lawmakers examine the current rules for “alternative” investments in the state’s pension funds to free up more investment opportunities.
The resolution creating the panel gave it under Dec. 31 to issue findings and recommendations to the full House.
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