The Conrad Prebys Foundation has announced the launch of a $50 million impact investment fund to drive growth and technological advancement in San Diego through venture capital.

The Prebys Ventures Impact Fund will work to identify, invest in, and nurture high-potential startups and companies, with a specific focus on the tech and life sciences sectors, while aligning with the foundation’s broader commitment to impact-driven investment in health, research, and innovation. To that end, the fund will prioritize early-stage startups that prioritize both mission-aligned outcomes and financial performance. Mike Krenn, CEO of Connect San Diego and founder of Tech Coast Angels and EvoNexus, will lead the fund.

“The launch of Prebys Ventures is a major step forward in our ongoing commitment to align our investments with our values and mission on behalf of San Diego,″ said Prebys Foundation CEO Grant Oliphant. “With his extensive experience in supporting San Diego′s unique engine of innovation, Mike Krenn is ideally suited to this new role, and to help bring other mission-minded investors alongside us to help move our region forward.″

(Photo credit: Getty Images/Jacob Wackerhausen)