🚀 Big Moves in Health Innovation
Charleston, SC – The Medical University of South Carolina (MUSC) is making major moves with the launch of two new venture funds worth $30 million to support bold health ideas and local startups. Their mission? To power innovation, boost entrepreneurship, and grow South Carolina’s economy—especially in health and life sciences.
Meet the Funds: What’s the Money For?
1824 Health Ventures Fund I, LP
Named after the year MUSC was founded, this $20 million fund is all about supporting early-stage health startups that come directly from MUSC researchers and entrepreneurs. These are the game-changers working on tomorrow’s tech and treatments—many of which often struggle to get funding in what’s known as the “Valley of Death” (the tricky stage between idea and real-world success).
South Carolina Health Innovation Fund (SCHIF), LLC
The second fund, worth $10 million, was created through a partnership between MUSC Health and InvestSC—the state's Small Business Credit Initiative. This one’s open to any promising health innovation company (not just MUSC-born) that wants to grow and build in South Carolina.
“We’re building something lasting,” said Will Cruz, Chief Investment Officer at InvestSC. The plan? To turn South Carolina into a hotspot for health innovation, job creation, and serious economic growth.
Why It Matters for South Carolina
South Carolina currently ranks 45th in venture capital activity nationwide. But here’s the twist—it’s also among the top 10 fastest-growing states in venture capital growth over the past decade. So the potential is there—it just needs a push. MUSC’s new funds are aiming to be that push.
Dr. David J. Cole, MUSC President, said, “These funds are a huge leap toward making South Carolina a national hub for health innovation.”
Quick Facts:
🎓 MUSC is the state’s only full academic health system.
💡 These funds will boost STEM jobs and health startups.
🧪 MUSC leads SC in health research funding.
🏥 For 11 years straight, MUSC Health has been ranked the #1 hospital in SC.