Akron Fusion Investment Partners I LP, managed by Acquire Investments LLC, has closed a deal to buy the Akron BioInvestments Fund.
The transaction, agreed to in May, brings AFV's assets and commitments to nearly $6 million and well on its way to a $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," said Jim Cellura, vice president, corporate treasury and investments, at Medical Mutual, in a statement. "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."
Akron Children’s Hospital Chief Strategy Officer Shawn Lyden added: "We have been working with AFV and a portfolio company for over two years. 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 connect them with coastal ecosystems.
"We have spent almost two years developing a relationship with the Akron Fusion team," Silicon Valley-based Unshackled Ventures’ Nitin Pachisia said in a statement. "Startups want access to the tremendous industry and buying power of Northeast Ohio and we believe in Akron Fusion's ability to execute."
AFV is currently in due diligence with several companies both locally and in the Silicon Valley area.