Bounce Innovation Hub, Acquire Investments and JumpStart Inc. have teamed up to launch Fusion Fund, a $20-million, for-profit venture capital fund focused on growing regional companies.
The fund will offer seed and early-stage investment for advanced materials, life sciences and tech companies located within four hours of Akron. Fusion Fund expects to provide $250,000 to $1 million per investment for 15-20 companies.
“The Fusion Fund is the biggest single fund to come out of Akron,” Acquire Partner and Fusion Fund Managing Director Victoria Tifft said in a statement. “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.”
Akron-based Bounce, which offers entrepreneurial support services and programs, as well as office and lab space for emerging companies, was recently awarded a $300,000 federal seed fund grant to help manage and market the fund.
“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,” Bounce CEO Doug Weintraub said in a statement. “This will put Akron on the map as a funding source and a destination for entrepreneurs.”
The fund is currently in due diligence with several companies and looking to raise additional private and institutional capital toward the goal of $20 million. “Our aim is to foster growth across the entire region and highlight opportunities available in Northeast Ohio,” Acquire CEO Bill Manby said in a statement.