When is the submission deadline?

Submissions are due December 2, 2026. Questions must be submitted by November 6, 2026.

What is the budget for this RFP?

Settle estimates the budget at $25,000,000 – $35,000,000. The issuer has not published an official figure.

It was issued by Division of Small Business, Department of State. The work is located in Dover, Delaware, United States.

Venture Capital Seed Fund Program Management (Due December 2, 2026)

Overview

Financial, Legal, HR & Staffing

Dover, Delaware, United StatesPosted: October 23, 2026Deadline: December 2, 2026

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SUMMARY

The State of Delaware Division of Small Business is seeking proposals from qualified venture capital funds to manage its SSBCI venture and equity program, aiming to leverage private capital for high-impact startup companies.

KEY REQUIREMENTS

Must meet the definition of a venture fund as defined by the Securities and Exchange Commission in 17 C.F.R. § 275.203(l)-1
Must be incorporated or qualified to do business in Delaware
Must have an established business presence in Delaware or perform services primarily from within Delaware
Must have experience providing equity investment to early-stage companies in Seed through Series A/B rounds
Must be able to support companies with direct or partnered advisory services
Must demonstrate ability to raise at least a 1:1 match of private sector funds
Must provide proof of State of Delaware Business Licensure
Must provide proof of insurance as specified in the solicitation

BUDGET

Estimate

$25,000,000 – $35,000,000

CONTRACT DURATION

24 months

TIMELINE

Public Notice: October 23, 2026

Deadline for Questions: November 6, 2026

Response to Questions Posted: November 16, 2026

Deadline for Receipt of Proposals: December 2, 2026 at 1:00 PM (Local Time)

Estimated Notification of Award: Within 90 days of December 2, 2026

QUESTION DEADLINE

November 6, 2026

CONTACTS

Primary procurement contact — name, title, email, and phone

Additional decision-makers and their departments

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Issuing Agency

Division of Small Business, Department of State

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DESCRIPTION

The State of Delaware Division of Small Business seeks professional services from qualified venture capital funds to manage its participation in the U.S. Treasury State Small Business Credit Initiative (SSBCI) program. The program aims to strengthen the state's economy by providing approximately $30 million toward venture and equity programs, with a goal of achieving a 10:1 ratio of private capital leveraged over a 10-year period. The selected fund manager will be responsible for fund formation, strategic operating plan development, outreach to diverse businesses, investment evaluation and selection, oversight, and compliance reporting. The contract term is two years with two optional one-year extensions.

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Frequently asked questions

When is the submission deadline?: Submissions are due December 2, 2026. Questions must be submitted by November 6, 2026.
What is the budget for this RFP?: Settle estimates the budget at $25,000,000 – $35,000,000. The issuer has not published an official figure.
Who issued this RFP?: It was issued by Division of Small Business, Department of State. The work is located in Dover, Delaware, United States.

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