Eight Midwestern Universities Launch Third Coast Foundry to Connect Startups with Bay Area Venture Capital

Eight Midwestern universities have launched Third Coast Foundry, a San Francisco-based hub designed to strengthen their presence in the Bay Area venture ecosystem. The University of Chicago led the announcement in partnership with seven other institutions. The shared base will support venture engagement and cross-institutional collaboration for university startups, researchers and entrepreneurs. The participating universities are Carnegie Mellon University, Northwestern University, The Ohio State University, Purdue University, University of Chicago, University of Illinois Urbana-Champaign, University of Wisconsin-Madison and Washington University in St. Louis. The institutions represent nearly 10 billion dollars in annual research investment and more than 300,000 students. The 3,500 square foot workspace is located at 625 Second Street in San Francisco's South Park neighborhood. Midwest startups take about 18 months longer than coastal peers to raise their first 500,000 dollars in funding, according to PitchBook analysis. Samir Mayekar, managing director of the Polsky Center, said the universities produce extraordinary innovation and entrepreneurial talent but venture capital remains highly concentrated in the Bay Area. The concept grew out of last year's Deep Tech Demo Day in San Francisco, where startups from three universities presented to more than 200 investors. The universities pooled resources for a shared space rather than establishing separate presences. Third Coast Foundry is launching as a two-year pilot. San Francisco Mayor Daniel Lurie said the project accelerates the city's recovery and strengthens its center as a place where people live, work, play and learn. The space supports investor meetings, startup showcases, alumni gatherings and university-hosted events. Sponsors include G2C Venture Partners and Wisconsin Investment Management Company.