Pack Ventures, an independently run venture capital fund, is collaborating with the University of Washington (UW) to boost innovation and support entrepreneurial ventures emerging from the university. This collaboration provides opportunities for Husky alumni to invest in promising startups and will help bolster the UW’s entrepreneurial ecosystem.
The collaboration between the UW and Pack Ventures was formalized through a Memorandum of Understanding (MOU) signed earlier this year. As a result, Pack Ventures became a preferred venture partner of the UW and CoMotion, the university’s collaborative innovation hub. Leveraging this relationship, Pack Ventures has launched its second fund, aiming to raise $30 million to invest in startups with UW affiliations. The fund has already attracted over 50 investors.
Ken Horenstein, founder of Pack Ventures and a UW alumnus, emphasized the unique potential of the UW’s talent and resources. He pointed out that the university’s under-recognized opportunities present an “alpha” investment opportunity—an overlooked chance to outperform the market.
“The UW has seen over $30 billion in exit valuations in the past decade, and with further nurturing, that number will grow,” said Horenstein. “Working with the UW, we will support entrepreneurial ventures while helping to attract top-tier faculty and students, increasing philanthropy, and engaging alumni in meaningful ways.”
The UW is among the top institutions in the nation for securing federal research funds, receiving more than $1.5 billion in fiscal year 2023. These funds highlight the quality and creativity of UW’s faculty and staff, many of whom go on to start successful spinouts.
Pack Ventures was conceived during CoMotion’s Innovation Roundtable in 2020, which brought together leading venture capitalists and industry experts to discuss ways to elevate UW’s research and discoveries. Inspired by similar initiatives at peer institutions, the idea for Pack Ventures emerged from this roundtable.
To date, Pack Ventures has raised over $10 million from more than 100 investors and invested in 29 companies connected to the UW, including those founded by faculty, students, and alumni. These startups have collectively raised more than $130 million in additional venture capital funding or grants.
In addition to providing early-stage funding, Pack Ventures offers mentorship to its portfolio companies. The fund has also taken an inclusive approach by lowering the initial investment threshold, making venture capital more accessible to individuals who have been historically excluded from the market.
One notable success story from Pack Ventures’ portfolio is Monod Bio, a spinout from UW Medicine’s Institute for Protein Design. With Pack Ventures’ strategic guidance and funding, Monod Bio has raised $25 million and expanded to a 26-employee operation in Seattle’s South Lake Union neighbourhood.
Horenstein is committed to ensuring that the innovations supported by Pack Ventures make a real-world impact. “We’re progressing science,” he said. “I want to see it actually have an impact on patients, customers, or industries.”
