Akron BioInvestments Funds

Supporting Akron Biomedical Companies

The Akron BioInvestments Funds, LLC, supports the attraction and establishment of biomedical companies in Akron. Created by The City of Akron through its Akron Development Corporation, the fund's initial size is $1.5M with most of the initial investments made by private organizations such as Medical Mutual, First Energy, Cascade Capital and NEOMED.  

The Akron BioInvestments Funds are used to target national and international companies focusing on orthopedics, wound healing and cardiovascular science, as well the use of biomaterials, the use of medical information technology, and the development of medical devices. All companies receiving investment must commit to maintain an Akron headquarters, or plan to establish a material presence in Akron, with an emphasis on the Biomedical Corridor.

The Akron BioInvestments Funds will be composed of two parts:

1. The Rapid Commercialization Loan Fund which will support the commercialization of high potential biomedical early-stage technologies by providing low-interest loans to companies that are close to commercialization, will create at least ten jobs in Akron within three years, and will commit to a long term presence in Akron. The main emphasis here will be on companies that are closer to commercialization, which will accelerate job creation and fits with the State's new strategy. Apply Now!

 
2. The Product Development Fund which will support the demonstration and validation of high-potential local biomedical start-up companies by providing funds for proof of concept, prototyping, market assessment and business plan development, among other things. This fund will operate in collaboration with the Austen BioInnovation Institute in Akron (ABIA) and its GOODTEC initiative. Apply Now!
 

The Akron BioInvestments Funds will be managed by a Board of Managers with insight and recommendations from a Due Diligence and an Investment Committee. Members will represent local health care institutions, the University of Akron, NEOMED, ABIA, county and regional government, private businesses and regional organizations including JumpStart, BioEnterprise, Glide, and GCIC to ensure effective assessment and oversight. Cascade Capital will act as the Fund Manager.

To find out more about the Akron BioInvestments Funds, contact us now.