Akron Fusion Investment Partners LP I, the largest fund to come out of the Akron region, is merging with the Akron Bioinvestment Fund II, growing the fund to $3 million to bolster its impact.
AFI's general partner, Akron-based Acquire Investments LLC, said the fund merger will occur by the end of the second quarter this year.
"Our goal is to accelerate startups and early-stage technology investments," Acquire Investments CEO Bill Manby said in a statement. "The merger of ABF II into our fund will immediately impact these efforts."
AFI is a privately held, for-profit venture capital fund. Its goal is to raise $20 million from private and institutional investors, and foster opportunities for the Akron region. It offers seed and early-stage investment for advanced materials, life sciences and tech companies located within a four-hour radius of Akron, with a preference for those located in the Akron area. Funding is anticipated to range from $250,000 to $1 million per investment for a total of 15-20 companies.