Kern Venture Group secures first $5M in Funding Led by Valley Strong Credit Union and the Ravi and Naina Patel Family Office Prior to Public Launch of Fund III
Valley Strong Credit Union and the Ravi & Naina Patel Family Office become anchor investors in KVG’s third venture fund, working to build the future of entrepreneurship and innovation in Kern County. (left to right): David Higdon - Kern Venture Group Managing Partner and Co-Founder; Nicholas (Nick) Ambrosini - Valley Strong Credit Union President and CEO; Dr. Ravi Patel, MD FACP - Director of Medical Oncology & Hematology and CBCC Chairman; John-Paul (JP) Lake - Kern Venture Group Managing Partner and Co-Founder.
Bakersfield, CA (October 29, 2024) – Kern Venture Group (KVG) announced today it has secured over $5M in funding to launch its third investment fund with Valley Strong Credit Union and the Ravi & Naina Patel Family Office as the anchor investors and additional investment from current LP’s. KVG invests in early-stage to Series B startups, with an industry agnostic approach focused on investments in companies with strong impact potential for the Central Valley of California.
With a target of $20M, the seed funding provided by Valley Strong Credit Union and the Ravi & Naina Patel Family Office will fuel the entrepreneurial ecosystem in Kern County for years to come. KVG has found strength in leveraging the resource rich Central Valley in five key focus industries, effectively linking the unique resources and expertise found where KVG is headquartered with startups. Success has been shown with this strategy by not just investing and supporting home-grown startups in these industries, but also partnering with the City of Bakersfield and the County of Kern to relocate startups to Kern County.
KVG Key Focus Industries:
● Value-added Agriculture
● Aerospace & Defense
● Energy & Natural Resources
● Transportation, Logistics & Advanced Manufacturing
● Healthcare
David Higdon, Co-founder and Sr. Managing Partner of Kern Venture Group, said: “We are thrilled to have the support of Valley Strong Credit Union and Ravi and Naina Patel Family Office. Both organizations have been avid supporters of KVG as General Partners and Investors, as we have worked together to provide funding to entrepreneurs that are disrupting industries. We are honored that we have earned their trust to be the first significant capital invested into our third fund.”
"We are proud to deepen our collaboration with Kern Venture Group, as it truly embodies our commitment to helping people and communities prosper. This partnership highlights our dedication to driving economic progress in Kern County through our focus on workforce development. We are confident that this joint effort will lead to a more prosperous and vibrant future for our communities," said Nick Ambrosini, President and CEO of Valley Strong.
As a general partner with KVG, the Ravi and Naina Patel family office significantly increases KVG’s investment network, providing a major source of quality investment opportunities. Drs. Ravi and Naina Patel have a global presence with their Comprehensive Blood and Cancer Center (CBCC) and their Global Research company but continue to remain hyper-focused on Kern County’s economic development.
Dr. Ravi Patel, of the Ravi and Naina Patel Family Office, said: “It is with great excitement and honor we are investing in KVG Fund III. As a family office, we actively participate in a wide range of investments. After serving as a General Partner with KVG for several years, our office strategically decided to move our venture investing to KVG based on their strong due diligence process, network, team, and commitment to Kern County. We are looking forward to growing this partnership in the future.”
This news comes after KVG has invested in more than 40 companies, four of which are headquartered in Bakersfield, CA with an additional two setting up offices in Kern County. Also, eight founders from KVG’s portfolio companies are also Bakersfield alumni. In total more than 40% of the investments made from KVG Fund II have a direct impact on Central California with a target of 50% or greater for Fund III.
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About Kern Venture Group
Kern Venture Group (KVG) believes a successful fund is comprised of companies with exceptional founders driven by transformational ideas. Headquartered in the resource-rich Central Valley of California, KVG leverages the strengths of the area to provide capital, a diverse network, and experience to their portfolio companies.
Founded in 2018, KVG is raising capital for their third fund focusing on early-stage to Series B investments. KVG is industry agnostic, driven by the belief that great companies can be found in all industries. The company makes a point to invest in startups that positively impact their community and surrounding areas. KVG partnered in 2024 with the City of Bakersfield and the County of Kern to help portfolio companies relocate to the area to take advantage of strategic economic development programs.
Read more at Kern Venture Group.
About Valley Strong Credit Union
Valley Strong Credit Union operates 31 branches in Kern, San Joaquin, Solano, and Tulare/Kings counties, serving more than 360,000 individuals, with approximately $4 billion in assets. It remains one of the largest financial institutions headquartered in the Central Valley.
Read more at Valley Strong Credit Union.
About The Ravi and Naina Patel Family Office
The Ravi & Naina Patel Family Office is focused on investing in cutting edge technology and innovative business solutions. Drs. Ravi and Naina Patel both began as physicians supporting the Central Valley of California. In 1984 they founded the Comprehensive Blood Cancer Center (CBCC), and since its inception it has touched the lives of over 800,000 people in Kern County over the last four decades. They have since expanded their work into medical research with the creation of CBCC Global Research Center and into philanthropy with the Ravi and Naina Patel Foundation. As leaders, Drs. Ravi and Naina Patel believe in a local first approach to solving problems in society, medicine, and business; with an ability to scale solutions globally.
