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Akron, Ohio

CITY OF AKRON LAUNCHES BIOINVESTMENTS FUND ii

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City of Akron Press Release
Published: 04-26-2016

Akron, Ohio, April 20, 2016 – Mayor Dan Horrigan announced that The Akron BioInvestments Funds, LLC II is being launched by the City of Akron in support of the Akron Biomedical Corridor, Akron Technology Bridge Initiatives, Akron Global Water Alliance and Akron Global Business Accelerator and ongoing innovation.

The Fund has been created to address a growing market need for an independent fund that responds to company needs in a timely and practical way.

“It is exciting for our city to be able to offer the necessary private equity to support and invest in the creation and development of innovative, high-technology based, biomedical-related companies in Akron,” shared Mayor Horrigan.

The Akron BioInvestments Fund II (ABF II) expects to begin operations June 1 as a result of a merger with ABF I, and an additional $1.75 million in funds. Investors in ABF II represent a mixture of private and public area stakeholders from the business, government, academic and healthcare communities.

ABF I began operations in 2012 with an initial investment of $1.5 million from visionary stakeholders interested in supporting the next phase of innovation and economic development for the Akron area. Investments to date were made to 13 companies – eight were local and five were attracted to Akron. The new companies relocated to Akron from Amsterdam, Helsinki, Kentucky, Los Angeles, and Tel Aviv.

The ABF II is managed by a board of managers with insight and recommendations from experienced multidisciplinary due diligence and investment committees. If you wish to apply for funds, or to learn more about the program, contact [email protected].

For further information, contact:
Christine R. Curry
Director, Communications
166 S. High Street, Akron, OH 44308
www.akronohio.gov
Phone: 330/375-2209
E-mail: [email protected]

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