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| John Bruck |
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| Brandon Bruce |
BASED on its current pipeline trends, Market Square Ventures LLC, the pre-Seed and Seed-stage-oriented venture capital firm co-founded by General Partners John Bruck and Brandon Bruce could, based on current momentum, complete a dozen or more investments during each 12-month span.
VNC broke the news on MSV's emergence six months ago with coverage of Fund I's placeholder filing.
No fixed target for Fund I has yet been set in place, Bruce confirmed today.
Knoxville-based MSV was registered in Tennessee and Delaware during 4Q 2022 and pulled the trigger on its first investment in 1Q 2024.
Since March, Bruce estimated, the firm has committed an investment every 3 to 3.5 weeks, though the pace is likely to vary seasonally.
MSV writes checks in the $100K to $250K range, covering mostlly convertible-note or SAFE transactions, as well as, thus far, a single priced-equity round -- for Daily Crunch Snacks, in the list below.
In building its pipeline of prospective targets, MSV focuses on Tennessee, the Southeast and Appalachia.
MSV portfolio companies currently include:
Among his other efforts in the Knoxville-Oak Ridge ecosystem, Bruce served nine months as the final managing director of the former Knoxville-based Techstars Industries of the Future Accelerator, taking that program through its last of three cohorts.
VNC research suggests the sponsors may have paid as much as $9MM during the three cycles of the Techstars program.
Bruce previously told VNC that he had undertaken the Techstars role knowing that the program might not get further runway underwritten by its now-former sponsors, Oak Ridge National Laboratory, Tennessee Valley Authority, and the University of Tennessee.
Bruce told VNC he personally viewed Techstars IOT's final June 6th Demo Day, itself, as a "great success."
"One of our mottoes this year [in finishing-up the 3rd Techstars cohort] was 'last one, best one'. We strived to build traction for our Techstars founders, as well as continued momentum for entrepreneurship and innovation in Knoxville," said Bruce.
He then noted that, taken together, Knoxville Entrepreneur Center's The Works, ORNL's Innovation Crossroads, and the Spark Cleantech Accelerator at UT Research Park provide a set of services comparable to that of the now-extinguished Techstars IoF accelerator.
Bruce's partner, Bruck, is a cofounder and advisor to the Spark program, and 121 Tech Hub is the site this afternoon for a Founders Forum for participants in the above-mentioned Innovation Crossroads.
Another celebratory 121 Tech Hub event is planned for Oct. 2, during the annual Innov865 celebration.
In addition to Bruck and Bruce, MSV's general partners include Marty Brown CPA, president and CEO of Knoxville-based PYA; Rosa Mar, former C-level exec with Levi Strauss & Co.; and, Harry Boston of Boston Government Services.
Asked about MSV's advisors, Bruce said the firm relies on PYA for accounting services, Pinnacle Bank for banking services, and uses venture-administration support and attorney referrals via Carta (eShares Inc.). He's worked with several different attorneys in recent years, and Bruce, himself, holds a JD and an MBA.
Bruce is also founder and CEO of Uncat, a fintech platform that supports financial accounting by facilitating entry to Quickbooks of otherwise uncategorized items.
It presumably took Bruce a good portion of his 45 years on Earth to attain his trademark 6'8" height, but he's logged many more milestones since 2009, when he arrived Knoxville with his wife and children.
Bruce's resume is replete with startup, venture and public-service gambits. See BrandonBruce.com or his LinkedIn profile.
MSV operates within commercial space at 121 Tech Hub LLC at 121 E. Jackson Avenue. 121 Tech Hub, itself, is owned 50/50 by Bruck and Bruce.
Membershp in 121 Tech Hub is $250 per month, which affords 24x7 access to the facility. Map to 121.
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| Randy Boyd |
Notably, MSV's landlord is majority-owned by Randy Boyd, who is also the founder and chairman of the board of Knoxville-based Radio Systems Corporation; owner of the Tennessee Smokies MiLB team; former Gov. Bill Haslam's commissioner of Tennessee Economic and Community Development; and, current president of the University of Tennessee System, among other interests.
The Jackson Avenue real estate is owned by Boyd Properties PS LLC, a real-estate firm largely focused on restoration of historic properties in the historic sector of Knoxville. VNC Boyd coverage here. VNC
.last edited 1610 19 September 2024
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