Akron Fusion Ventures is rebranding as Interstate Fusion Ventures and launching a second fund. Interstate Fusion Ventures 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."