AKRON, Ohio--(BUSINESS WIRE)--Bounce Innovation Hub, Acquire Investments and JumpStart Inc. announce the launch of Fusion Fund, a $20-million, for-profit venture capital fund aimed at growing companies in and around Ohio.
The fund offers seed and early-stage investment for advanced materials, life sciences and tech companies located within a four-hour radius of Akron.
“The Fusion Fund is the biggest, single fund to come out of Akron,” said Victoria Tifft, Acquire partner and Fusion Fund managing director. “We are leveraging the success and experience of the management team, investors, local jobs created, capital raised, and availability of resources and facilities to expand and grow the region’s most promising companies, while generating substantial return for investors.”
Funding is anticipated to range from $250,000 to $1 million per investment for a total of 15-20 companies.
“Our aim is to foster growth across the entire region and highlight opportunities available in northeast Ohio,” said Bill Manby, CEO of Acquire Investments and Fusion Fund founding partner.
Those opportunities include Bounce, which is in Akron and offers a variety of entrepreneurial support services and programs, as well as office and lab space for emerging companies.
“Fusion Fund companies, whether located in Akron or elsewhere, will be able to access the Bounce facility, its programs and expertise to help them grow their businesses,” said Doug Weintraub, CEO of Bounce. “This will put Akron on the map as a funding source and a destination for entrepreneurs.”
Bounce was recently awarded a federal seed fund grant for $300,000 to help manage and market the fund. The grant was submitted in collaboration with Acquire and JumpStart.
"JumpStart is excited about the opportunity to serve as an official partner with Bounce, Acquire and the Fusion Fund. It will be a great resource for early-stage entrepreneurs seeking capital and will also serve as a catalyst for Akron’s entrepreneurial ecosystem," said Ray Leach, CEO of JumpStart.
The fund is currently in due diligence with several companies and looking to raise additional capital, both private and institutional, towards the goal of $20 million.
About Bounce Innovation Hub
Bounce, located in Akron, Ohio, comprises more than 300,000 square feet of office, lab and light manufacturing space and houses more than 50 companies and support organizations. Bounce offers an incubator program, a mentoring program and two software accelerator programs.
About Acquire Investments
Acquire is a regional, private investment firm that focuses on driving commerce in NE Ohio and providing exceptional results for our investors by supporting small and mid-size businesses with the capital and resources they need to thrive.
About JumpStart Inc.
JumpStart unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities.