An Initiative of the City of Akron

Akron BioInvestments Fund

Community-based impact investing to commercialize technology based companies. 

The Akron BioInvestments Funds, LLC was created by the City of Akron in support of the Akron Biomedical Corridor, the Akron Technology Bridge Initiatives, the Akron Global Water Alliance and the Akron Global Business Accelerator. The Fund was created to address a growing market need for an independent, nimble fund that responds to company needs in a timely and practical way. The purpose of the Fund is to provide the necessary private equity to support and invest in the creation, attraction, development and retention of innovative, high-technology based, high growth biomedical and related companies in Akron or companies relocating to Akron. 

Akron BioInvestments Fund I (ABF I) began operations in 2012 with an initial investment of $1.5 million from visionary stakeholders interested in supporting the next phase of innovation and economic development for the Akron area. 

The new Akron BioInvestments Fund II (ABF II) began operations in 2016 as a result of a merger with ABF I, and an additional $1.75 million in funds. Investors in ABF II represent a mixture of private and public area stakeholders from the business, government, academic and healthcare communities. 

ABF II is a for-profit Ohio Limited Liability company following a proven community-based impact investing model. Investors are able to support the development of “evergreen” community investing to enhance economic, civic and business opportunities in Akron while also being in a position to receive a possible future return on their investment. 


Investing, Facilitating and Syndicating 

The City of Akron places significant importance on attracting biomedical companies worldwide. As a result, we have developed a strong pipeline of qualified companies interested in establishing and/or growing their business in the Akron Biomedical Corridor. ABF II is an important differentiator that attracts companies to the Akron region. It is also a valuable resource to help ensure the company’s success once it arrives in Akron. 

For more information on investment opportunities, please contact us.

The Akron region assists companies with the ongoing challenge of raising money through an array of financing options that facilitate the process. ABF II is often the first money in for late incubation, demonstration and early market entry stage companies. Additionally, Ohio is home to the #1 and #4 largest Angel investor groups in the U.S. The Ohio Third Frontier program also offers funding to qualified high-technology companies. 


ABF II Product Development Award (up to $25,000)

  • High-potential biomedical/technology-based companies at the late incubation stage 
  • Funds awarded as a loan 
  • Companies must commit to stay in Akron for a defined
    period of time (usually 3 years) 
  • Funds for proof of concept, prototyping, market
    assessment and business plan development

ABF II Rapid Commercialization Award* (up to $250,000) 

  • High-potential biomedical/technology-based companies at
    the demonstration stage or near market entry stage 
  • Funds awarded as a loan, convertible debt or equity 
  • Funds can be used for working capital to accelerate wealth and job creation 
  • Companies must commit to stay in Akron for a defined period of time (usually 7 years) 
  • Companies must create a specified number of new jobs in a defined period of time after receipt of award (usually 10 jobs within 3 years)

    *Pure pharmaceutical companies are not eligible; larger Market Entry Awards may also be awarded on a case-by-case basis 


ABF II Benefits

 ABF II is a critical economic development tool that helps make Akron competitive within the region, the state of Ohio, U.S. and globally. Benefits include: 

  • Open to both domestic and international companies coming to Akron 
  • Offers awards for product development demonstration as well as investments for growing companies 
  • Direct investment 
  • Introductions to investment community 
  • Flexibility of funding options 
  • Open and ongoing application process with timely notification 
  • Catalyst for syndication 


History of Success 

Based in part on the successful “A” metrics of ABF I, all ABF I stakeholders agreed to roll-over their interest in ABF I and to invest new money into ABF II. A list of the 13 ABF I funded companies is provided below. 


Client Company Description Award Amount
Adjuvant Polymers                Antimicrobal platform       $25,000
Apto Orthopedics           Scoliosis device $25,000
ASTI           Surface coatings $25,000
Fluence Technologies           PDT for psoriasis $25,000
Intellirod           Spine sensors  $250,000
Nervive           Stroke treatment device $250,000
Niche Vision           DNA analysis software $25,000
OES Plus           Predictive software program $25,000
PolyMed Tech           Surgical glue $25,000
Quest USA           Image guided surgery $250,000
7Signal           QA for wireless networks $250,000
Sterionics           Cold plasma $25,000
Timocco           Online learning for children          $250,000













Funding and Finding a Future of Innovation 

The Akron BioInvestments Fund is managed by a board of managers with insight and recommendations from experienced multidisciplinary due diligence and investment committees. If you are interested in applying for the Akron BioInvestments Fund or learning more about this program, please contact us.  

*Akron Bioinvestment Funds, LCC is not currently accepting applications. Applications will open on or before June 1, 2016. Please contact us for more information.