As we reflect on the past year, I am proud to share that VIC Tech has once again demonstrated resilience and ingenuity in a challenging venture capital landscape. Despite continued headwinds, 2024 was marked by significant achievements and progress across our portfolio companies, underscoring the strength of our business model, the dedication of our team, and the quality of the innovations our companies are developing.
Navigating a Complex Venture Capital Environment
The past year brought notable challenges for early-stage, science-driven companies. The macroeconomic environment, characterized by elevated interest rates and broader economic uncertainty, led to a more selective and competitive funding landscape. Venture capital firms—while still raising substantial funds— concentrated their investments on a narrower set of de-risked startups. This trend, combined with the longer development cycles and higher technical risks inherent in life science-based technologies, created additional hurdles for our portfolio companies.
Despite these challenges, we embraced the opportunity to innovate and adapt. Recognizing the need for diversification in funding strategies, we collaborated closely with our portfolio companies to secure capital from alternative sources. By targeting micro-VCs, angel investment syndicates, strategic partners, as well as grants and contracts, we positioned our companies to successfully navigate this difficult landscape.
Delivering Strong Results
These efforts culminated in one of our most successful fundraising years to date. Collectively, our portfolio companies secured approximately $66 million in new funding, representing our second-highest annual total. This achievement is a testament to the quality of the technologies we are developing and the confidence our stakeholders place in our vision.
A particular highlight of the year was the record-level of investment by our own VIC Investor Network. The growing commitment of our investors reflects their belief in our mission to advance transformative life sciences technologies. Their support has been instrumental in enabling our portfolio companies to achieve critical milestones and advance toward commercialization. Notably, we were honored to welcome a prominent medical devices company as a formal member in our investor network, further demonstrating the appeal and potential of our mission.
Positioned for Success
As we look ahead, the future of life science innovation remains encouraging. The challenges of 2024 have reinforced the importance of agility, creativity, and collaboration, which are all qualities that are deeply ingrained in VIC Tech’s culture. Our focus remains steadfast: To identify and develop groundbreaking technologies, build sustainable businesses, and deliver value to our stakeholders.
We are also expanding our efforts to engage with strategic partners and industry leaders, fostering collaborations that will accelerate the growth of our portfolio companies. By continuing to diversify funding sources and leveraging our extensive network, we aim to create even greater opportunities for success in the years to come.
A Note of Gratitude
I want to express my deepest gratitude to our shareholders, investors, and partners. I am also immensely proud of the VIC Tech team and our portfolio companies, whose dedication and ingenuity drive our success.
As we embark on 2025, I am confident that together we can continue to overcome challenges, seize opportunities, and achieve remarkable outcomes. Thank you for your commitment to VIC Technology Venture Development. The best is yet to come.
Calvin Goforth
Chief Executive Officer | VIC Technology Venture Development
Co-Manager | VIC Investor Network