Insurance company kicks in for venture capital fund

A new, Cedar Rapids-based venture capital fund was unveiled today by Governor Vilsack and officials from the main company that’s investing in the “Iowa First Capital Fund.” Vilsack says AEGON is investing five million dollars in the fund, which will target businesses along the Iowa City/Cedar Rapids “tech corridor.”Vilsack says it mirrors what’s happening with venture capital funds in other communities like Mason City, Cedar Falls, and Des Moines. Vilsack says a new law passed by the legislature last year is helping spur such venture capital investment. Three Cedar Rapids entrepreneurs will operate the “Iowa First Capital Fund” — selecting start-up and high-risk companies to invest in and monitoring those investments. AEGON is an insurance company, ranked fourth-largest in the life and health categories. AEGON employs 25-hundred employees in Cedar Rapids.