Akron Fusion Ventures Completes Major Acquisition

AKRON, Ohio, Dec. 18, 2019 /PRNewswire/ —  Akron Fusion Investment Partners I, LP (dba Akron Fusion Ventures), managed by Acquire Investments, LLC, is pleased to announce the closing of its acquisition of the Akron BioInvestments Fund (ABF).

The transaction, agreed to in May, brings AFV’s assets and commitments to nearly $6 million and well on its way to their $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,” stated Jim Cellura, Vice President Corporate Treasury and Investments for Medical Mutual.  “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.”

“We have been working with AFV and a portfolio company for over two years,” said Shawn Lyden, chief strategy officer at Akron Children’s Hospital. “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 connecting them with coastal ecosystems. Silicon Valley (SV) based venture capitalists aren’t only paying attention, they are getting involved.  “We have spent almost two years developing a relationship with the Akron Fusion team,” says Nitin Pachisia of SV-based Unshackled Ventures.  “Startups want access to the tremendous industry and buying power of Northeast Ohio and we believe in Akron Fusion’s ability to execute.”

When SV startups begin working with enterprises in Northeast OH, they’ll want to setup local presence, which creates local jobs, and brings SV mindset. This will also attract SV investors and will result in them looking at startups in Northeast Ohio and investing in the right opportunities.

Acquire Investments LLC
1611 Akron Peninsula Road, Suite A, Akron, OH 44313
(330) 475-1692
© 2020 Acquire Investments

Acquire Investments LLC
1611 Akron Peninsula Road, Suite A, Akron, OH 44313
(330) 475-1692
© 2020 Acquire Investments