Akron Fusion Ventures Completes Major Acquisition

AKRON, Ohio, Dec. 18, 2019 /PRNewswire/ --  Akron Fusion Investment Partners I, LP (dba Akron Fusion Ventures), managed by Acquire Investments, LLC, is pleased to announce the closing of its acquisition of the Akron BioInvestments Fund (ABF).

The transaction, agreed to in May, brings AFV's assets and commitments to nearly $6 million and well on its way to their $20 million closing.  It also brings an additional six portfolio companies and several significant local institutional investors including Medical Mutual of Ohio and Akron Children's Hospital.

"Medical Mutual is committed to this community and dedicated to creating a positive impact," stated Jim Cellura, Vice President Corporate Treasury and Investments for Medical Mutual.  "Our initial investment in ABF began as an effort to increase economic development and stimulate innovation in the region.  We are excited to benefit from the expertise and management of the AFV team."

"We have been working with AFV and a portfolio company for over two years," said Shawn Lyden, chief strategy officer at Akron Children's Hospital. "They brought the company from California and we are already developing our third solution in virtual and augmented reality. Another recent project may allow the hospital to collaborate with MMO to improve service delivery, create better patient outcomes and control costs," he added.

AFV's investment strategy is to leverage Northeast Ohio's existing strengths and connecting them with coastal ecosystems. Silicon Valley (SV) based venture capitalists aren't only paying attention, they are getting involved.  "We have spent almost two years developing a relationship with the Akron Fusion team," says Nitin Pachisia of SV-based Unshackled Ventures.  "Startups want access to the tremendous industry and buying power of Northeast Ohio and we believe in Akron Fusion's ability to execute."

When SV startups begin working with enterprises in Northeast OH, they'll want to setup local presence, which creates local jobs, and brings SV mindset. This will also attract SV investors and will result in them looking at startups in Northeast Ohio and investing in the right opportunities.

From an investor perspective, it also means access to investments coming out of SV. This type of access is difficult to create as an outside investor.  AFV also strives to gain additional participation rights for its limited partners, which creates another unique benefit.

"We've worked hard to create these relationships," says AFV Founding Partner Bill Manby, Jr., who acknowledged much of this began nearly two years ago when Congressman Tim Ryan coordinated the Comeback Cities tour with his counterpart from San Francisco. "This acquisition reinforces local corporate and community commitment, supports our investment strategy and expands the opportunity."

"And that's what this is, an opportunity," says AFV Partner and Managing Director, Victoria Tifft. "We believe we can leverage the Northeast Ohio corporate and startup pipeline to create a top-decile regional fund. It's ambitious, and that's why we are excited about it!"

AFV is currently in due diligence with several companies both locally and in the SV area.  They are working diligently towards their goal of $20 million and identifying several key institutional/enterprise investors.

CONTACT: [email protected]

SOURCE Acquire Investments

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