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Contact: Bryce Hyslip
Phone: 907-793-7206 


The Municipality of Anchorage’s 49th State Angel Fund (49SAF) has announced two new venture capital investments: $2 million toward a newly-founded local venture capital fund, and $650,000 into the state’s first early-stage fund investing exclusively in startups.

“We now have three venture capital partner funds working with 49SAF to invest in Anchorage businesses. The funds will provide sustainable access to capital for startups,” said Mayor Dan Sullivan. “It’s thanks to everyone’s hard work in this public-private partnership that we’re helping Alaskans invest in Alaska, providing capital for Anchorage startups and creating jobs.”

The 49th Fund is a newly formed venture capital fund focused on financing high-growth Alaska businesses. 49SAF’s $2 million investment is matched with $2 million from private investors. Currently managed by founding investors Jamie Kenworthy and Carol Howarth, other backers include Alaskans Bob Ballow, Jim Brown, Leo Bustad, Ron Duncan and Gary Klopfer, joined by outside investors Vic Adamo and Judith Bassoul.

The Alaska Accelerator Fund plans to focus exclusively on financing startups. 49SAF’s $650,000 investment is matched by $650,000 of private capital.  Managed by Anchorage professors Al Hermann, Forrest Nabors and Ky Holland, this brings together the state’s first visible group of angel investors in Angela Astle, Ted Eschenbach and Christine Matiukas as well as Gary Klopfer, Richard Lowell, Daryl McClendon, Thomas Packer, John and Sandi Pursley, and Fred Stutzer.

Previous investments awarded from 49SAF include a $2 million commitment to the Anchorage Opportunity Fund and $200,000 in direct investments into local startup CallDr. This brings total public and private capital committed under the 49SAF program to above $9.5 million, since any dollar which 49SAF invests must be matched by a private sector dollar.

“Anchorage is breaking trail here,” said Program Manager Joe Morrison. “It’s pretty remarkable to have city government working effectively with the private sector to identify ways to increase local capital in this manner.”

49SAF was awarded $13.2 million from the federal government to jump start Anchorage venture capital.  More than $4.5 million has been awarded; an investment of $2 million is in progress, leaving approximately $6 million left for distribution. “We’re seeing a lot of interest in our partner fund program,” Morrison said, who indicated that 49SAF is working on developing a fourth investment fund. “These funds allow local, experienced professionals to manage 49SAF’s money with matching private dollars while making their own investment decisions.”

49SAF is accepting new proposals for new partner funds until July 31. Further information is available online at Prior to submitting any proposal, Morrison recommends applicants contact him directly at 907-343-4898.


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