SC Launch! gets $2M from BlueCross BlueShield

BlueCross BlueShield of South Carolina has given $2 million to the SC Launch Industry Partnership Fund, which invests in technology startups in the state, SC Launch! announced Wednesday.

The donation, made through the Industry Partners Act, is the largest the fund has received. The act lets corporate and private donors claim a dollar-for-dollar credit against their state tax liability for donations made to the SC Launch Industry Partnership Fund.

“Our business, academic, economic development and political leaders in this state understand the need to build a competitive, dynamic Knowledge Economy that will invigorate South Carolina business,” said S.C. Research Authority CEO Bill Mahoney.

SC Launch! supplies technology startups and researchers with mentoring and seed money up to $200,000. It also provides matching grants of up to $100,000 for companies that have been given Phase I awards in the Small Business Innovation Research and Small Business Technology Transfer Program.

SC Launch! has provided 53 companies with seed money and mentored more than 80 startups. The average salary of jobs created by these startups is $77,000. Additionally, companies supported by the program have secured more than $42 million in venture capital and private equity financing.