Akron Fusion Ventures launches a $40 million second fund, with an interstate focus

AKRON, Ohio, April 28, 2022 /PRNewswire/ -- Interstate 80 crosses through Northeast Ohio, connecting New York to Silicon Valley.

Akron Fusion Ventures (AFV) is rebranding and launching a second fund. Its new name, Interstate Fusion Ventures, is a recognition that an Ohio-based venture fund, like Interstate 80, must have connections on the East Coast and West Coast.

Interstate Fusion Ventures (IFV) plans to raise a $40 million fund, which it will invest in 40-50 portfolio companies, primarily those with industry-defining technologies and superstar teams

The first fund has invested in 21 companies. Those investments collectively have more than doubled in value. The second fund will continue its emphasis on Northeast Ohio, but with a greater inclusion of companies in Silicon Valley and New York.

"We have built great partnerships with VCs on the coasts, and several have literally become part of our team" fund manager Bill Manby said. "These relationships have led to access for our investors in deals that would otherwise not be available to them and differentiates us from most other Midwest VCs."

Beginning in mid-2020, AFV co-invested with M12 (Microsoft Corp.'s venture arm) in a startup named Pod Foods, run by two Forbes 30 under 30 founders. Pod Foods is a grocery-store supply chain that offers a full-service wholesale marketplace connecting retailers with brands that sell. The company has been recognized for its various successes with articles in Forbes, Fast Company, Cheddar, and TechCrunch. "We were thrilled to add Akron Fusion to our cap table and expanding our reach in Ohio and the Midwest," says CEO and Co-Founder Larissa Russell.

As with the first fund, IFV will target companies able to grow substantially toward larger valuations and raise significant follow-on funding. For example, the first fund also invested in the Seed and Series A round raised by Splash Financial, Inc. Splash, a Cleveland company, offers a one-stop shop for comparing loan offers. CEO and Founder Steve Muszynski affirmed "Bill and Akron Fusion provided great early advice to help us navigate towards product market fit. I am excited to work further with them in the future." Last year, Splash raised a $44 million Series B round, led by DST Global and Citi Ventures, which resulted in a 1,732% markup of their investment.

For more information, check out interstatefusion.com or contact Bill Manby at [email protected].

SOURCE Interstate Fusion