What CORI Innovation Fund does

CORI Innovation Fund (CIF) is a venture capital fund launched in 2019 by the Center on Rural Innovation (CORI), a 501(c)(3) national nonprofit established in 2017 to advance economic prosperity in rural America through inclusive tech-economy ecosystems. CIF invests seed-stage equity in revenue-generating, technology-enabled startups located in rural U.S. communities that are under-served by traditional venture capital. The fund operates through two vehicles: CIF Fund I, a Qualified Opportunity Fund that began deploying in 2020, and CIF Fund II, which held its initial close in December 2022 and is still raising. CIF typically participates in seed rounds as either lead investor or participant and has built a portfolio of more than 15 companies spanning fintech (Acceleron), healthcare technology (Arsana Health, DifferentKind, Aprexis), aerospace propulsion (Agile Space Industries), clean energy (Verde Technologies), manufacturing technology (Massive Dimension), precision agriculture (BOPA, Soiltech), utilities infrastructure (Fast Forward), real estate education (CALYPSO), and supply-chain software (Waldo, RAAD360), among others.

CIF's competitive positioning rests on its affiliation with CORI's Rural Innovation Network, a 25-community ecosystem that generates proprietary deal flow no coastal VC can replicate. The fund is led by Managing Partner Jay Bockhaus (Wall Street M&A, NBCUniversal strategy, Emigrant Bank) and CORI Founder/Executive Director Matt Dunne (former Google Community Affairs founder, AmeriCorps*VISTA director, Vermont legislator). The fund is headquartered in Hartland, Vermont, and operates entirely within the United States.

CIF's revenue model is standard venture-fund economics: management fees on committed capital plus carried interest on realized exits. Management fees scale with committed AUM, which is undisclosed; carried interest is event-driven and tied to portfolio exits. CIF's first realized exit came in November 2023 when it sold its position in Disa Technologies for a 4x return on its initial investment (~103% annualized return). Portfolio momentum in 2026 includes Agile Space Industries' $17M Series A (with co-investors Caruso Ventures and Howdy Partners), Verde Technologies winning the U.S. Perovskite Startup Prize, Waldo signing agreements with the largest U.S. timberland managers, and BOPA leasing ANTs across more than 150,000 acres — all of which support follow-on participation economics for CIF even though the fund does not directly generate product revenue.

Name

CORI Innovation Fund

Legal name

CORI Innovation Fund

Website

https://corifund.com

Company type

Private

Founded year

2019

Operating status

Operating

Headcount range

1–10 employees

Short description

CORI Innovation Fund (CIF) is a Vermont-based venture capital fund that invests seed-stage equity in revenue-generating technology startups located in rural U.S. communities, sourcing deals through the Center on Rural Innovation's 25-community Rural Innovation Network.

Ownership category

akta.pro rank

Product category

Venture Capital

NAICS

Portfolio Management and Investment Advice (523940), Other Financial Investment Activities (5239), Funds, Trusts, and Other Financial Vehicles (525)

SIC

Investment Advice (6282)

akta.pro primary industry

Sustainable Private Markets (Impact PE/VC, Private Credit, Infrastructure) (FSAAALAG)

akta.pro secondary industries

SDG / Thematic Sustainable Investment Funds (FSANAJAN), Impact Investment & Development Investment Funds (BPADACAO)

Keywords

• Venture capital fund
• Seed stage investing
• Rural startup investing
• Equity financing
• Opportunity zone fund

Headquarters

HQ city

Hartland

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Marketing or Sales, Technology or R&D

Revenue model

1. Venture Fund Management: The fund generates returns through equity investments in early-stage technology startups in rural America. Revenue is derived from fund management fees and carried interest from successful portfolio company exits.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels3 records

Core offering

The CORI Innovation Fund is a venture capital fund that identifies, funds, and supports early-stage technology startups located in rural areas of the United States that are under-served by traditional venture capital institutions. CIF typically invests in seed rounds as lead or participant, targeting revenue-generating operating companies that need capital to scale. The fund operates through CIF Fund I (a Qualified Opportunity Fund) and CIF Fund II (initial close December 2022), with a portfolio of 15+ companies across sectors including fintech, healthcare, aerospace, agriculture, clean energy, and manufacturing.

Product overview

The CORI Innovation Fund is a venture capital investment fund, not a technology product company. It operates as a single investment vehicle focused on providing seed-stage capital to technology startups in rural American communities. The fund does not offer a platform, software product, or modules — its core offering is equity investment and support services for portfolio companies. CIF I (Fund I) is a Qualified Opportunity Fund, and CIF II (Fund II) is a subsequent venture fund. The fund has made investments in approximately 15+ portfolio companies spanning sectors including fintech (Acceleron), healthcare technology (DifferentKind, Arsana Health, Aprexis), manufacturing technology (Massive Dimension), clean energy (Verde Technologies), aerospace (Agile Space Industries), precision agriculture (BOPA, SoilTech), utilities infrastructure (Fast Forward), real estate education (CALYPSO), and supply chain management (Waldo, RAAD360), among others.

Differentiator

Problem solved

Functional benefit

Products and services

• CORI Innovation Fund (CIF) Investment Services A venture capital fund that identifies, funds, and supports early-stage technology startups located in rural areas of the United States that are under-served by traditional venture capital institutions. CIF invests in companies generating revenue that need capital to scale, typically participating in seed rounds as lead or participant. The service is offered to early-stage technology-enabled operating startups in rural America.

Quantifiable outcome

• 4x return on investment with 103% annual return from Disa Technologies exit
• +2 more outcomes

Named customers14 records

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Six partnerships are on record, tiered core and major.

• BigRepcoreStrategic or Co-development PartnerMassive Dimension partnered with BigRep to integrate its pellet extrusion technology into the BigRep ONE platform for large-format 3D printing. The integrated system is targeted for commercial availability by end of 2026.
• American Forest ManagementmajorChannel Partner/ Reseller/ DistributorThe No. 1 largest timberland management organization in the country (managing over 5.7 million acres) entered into a business deal with Waldo, a CORI portfolio company providing digital timber supply chain management.
• LandVestmajorChannel Partner/ Reseller/ DistributorThe No. 2 largest timberland management organization in the country (managing over 2.25 million acres) partnered with Waldo for digital timber supply chain solutions.
• The Exploration CompanycoreOthersAgile Space Industries provides propulsion systems for The Exploration Company's Nyx spacecraft as part of international commercial space missions.
• Firefly AerospacecoreOthersAgile Space Industries supports Firefly Aerospace's lunar program through use of its test stands.
• True AnomalycoreOthersAgile Space Industries supplies engines, thrusters, and tanks for True Anomaly's Department of Defense VICTUS HAZE space domain awareness mission.

Scale indicators6 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Obvious Ventures: Obvious Ventures is a San Francisco-based venture firm investing in "world-positive" startups at the intersection of purpose and profit. It is a peer to CIF as a thematic/impact early-stage VC, though its geographic and sector focus is broader and more coastal.
• Builders Vision: Builders Vision is a Chicago-based impact investment platform backing mission-driven founders across climate, economic opportunity, and health. It is a direct peer to CIF as an early-stage impact VC deploying equity into companies tackling under-served market or community problems.
• Closed Loop Partners: Closed Loop Partners operates venture, growth, and private equity funds investing in the circular economy and underserved supply chains. It overlaps with CIF in being an impact-oriented investor backing operating companies in overlooked geographies and industries.
• Village Capital: Village Capital operates impact-focused venture funds and an entrepreneur-support platform that backs early-stage startups in undercapitalized markets, including non-coastal U.S. regions. Like CIF, it pairs early-stage equity capital with ecosystem-building programs, and serves as a peer in the impact/rural VC niche.
• Advantage Capital: Advantage Capital is an impact-focused investment firm deploying growth capital to businesses in underserved communities, including rural and low-income geographies, often using federal tax-incentive programs (e.g., NMTC). It is the closest direct peer to CIF in combining impact mandate, rural/small-city focus, and equity investing in operating businesses.
• Acumen: Acumen is a pioneering impact investment fund that deploys early-stage equity to businesses serving low-income and underserved communities globally. Comparable to CIF as an impact VC operating in capital-starved markets with a mission-driven LP base and a focus on equity over grants.

Broad incumbents

• Techstars: Techstars is one of the world's largest startup accelerators and early-stage investors, running programs globally (including rural-focused programs with USDA). It is a broad incumbent peer to CIF given the shared seed-stage, ecosystem-building model, though Techstars is much larger and not specifically rural-focused.
• Y Combinator: Y Combinator is the largest global accelerator/seed investor, providing capital and ecosystem support to thousands of early-stage technology startups. It is a broad incumbent peer to CIF given the shared model of standardized seed checks and ecosystem-driven deal flow, though it is not rural-focused.

Emerging players

• Radicle Growth: Radicle Growth is an acceleration fund investing in early-stage agtech and foodtech startups. It is an emerging peer to CIF because several of CIF's portfolio companies (BOPA, Soiltech) sit in agtech, though Radicle does not share CIF's rural-place-based thesis.
• Elemental Excelerator: Elemental Excelerator is a Honolulu-based nonprofit accelerator funding climate and clean-tech startups with a focus on equity and community impact. It is an emerging peer to CIF as a mission-driven, place-conscious early-stage investor in clean energy / decarbonization startups, an area that intersects with CIF's Verde Technologies investment.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks5 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about CORI Innovation Fund