Local investor Kevin Nagle revealed plans Thursday to launch a venture capital fund in Sacramento that will be valued at "above $100 million," — which would make it the region's largest...Moneta Ventures, would also be involved.
Local investor Kevin Nagle revealed plans Thursday to launch a venture capital fund in Sacramento that will be valued at "above $100 million," — which would make it the region's largest.
Nagle disclosed the plan at the TechEdge 2017 conference at the McClellan Conference Center, which was sponsored by Sacramento Business Journal. He didn't go into great detail about the fund, which would operate under his firm Jaguar Ventures. He said Folsom-based Moneta Ventures LLC, would also be involved.
The plans for the fund were revealed during the keynote discussion of the conference, where Nagle was interviewed by radio sports personality Dave Weiglein, otherwise known as Carmichael Dave.
“Don’t be afraid to ask for money from those VC people. I am involved in one and I am building one along with Moneta right now,” Nagle said. “And I can assure you, by the way, we’re not going to have to worry about a $100 million VC in Sacramento. We’re going to have one that’s going to be a whole lot larger."
Lokesh Sikaria, founding partner of Folsom-based Moneta Ventures LLC, declined to comment, when asked about Nagle's statement.
Nagle is CEO of Sac Soccer & Entertainment Holdings, which acquired the Sacramento Republic minor league professional soccer team last month and is looking to bring a Major League Soccer expansion franchise to Sacramento. He also co-founded prescription benefits management company Envision Pharmaceutical Services in Folsom in 2001 and grew it into a national powerhouse that generated $5 billion in revenue in 2014. He still owned 22 percent of the company when it was sold to Rite Aid Corp. in 2015 for $2.3 billion.
His other current investments include the El Dorado Hills Town Center, where he is a general partner; the Ice Blocks redevelopment project in midtown Sacramento; and the Sacramento Kings, where he is the largest local investor.