Some good news for the state’s startup community…
ADFA announced last week a $4 million investment through the AIF that could lead to more prospecting for and investing in Arkansas startups by Fulcrum Equity Partners of Atlanta. ADFA has similar agreements with other firms.
Here’s more from ADFA:
Fulcrum Growth Fund II to Consider Arkansas Investments
The Arkansas Development Finance Authority (ADFA) announced today that its Arkansas Institutional Fund (AIF) has committed to a $4 million investment in Fulcrum Growth Fund II, managed by Fulcrum Equity Partners of Atlanta, Georgia.
As a result, the Fulcrum team will be focusing a significant amount of time on both prospecting and investing in high growth companies in the state of Arkansas. Gene Eagle, Vice President for Development Finance, said, “Helping Arkansas companies access necessary capital is an important role for AIF. We look forward to the contributions the Fulcrum team will make to the economy.”
Fulcrum manages over $140 million in capital and is actively seeking opportunities to invest in rapidly growing businesses between $2 million and $50 million in revenue. The firm will consider investments in a wide variety of industries with an emphasis on healthcare, information technology and technology enabled operating or service businesses. Fund II will invest $1 million – $5 million initially with the ability to invest up to $10 million over the life of any investment.
Fulcrum provides financing to meet a wide range of needs, including internal growth initiatives, acquisitions, divestitures, management buy-outs, shareholder liquidity and recapitalizations. Arkansas companies that fit these criteria can learn more by contacting Fulcrum.
Jeff Muir, a Partner at Fulcrum, said, “We have been impressed with the entrepreneurial community in Arkansas and look forward to being an active investor in this market. We will be looking hard for strong management teams that would like a dependable financial partner to help accelerate the growth of their business.”
In addition to Fulcrum Equity Partners, ADFA, through AIF, has entered into similar agreements with Noro-Moseley Partners, Petra Capital Partners, MB Venture Partners, Prolog Ventures, Meritus Ventures, SSM Partners and Fund for Arkansas’ Future.
“The Fulcrum commitment continues to round out the stable of professional business builders focused on the state of Arkansas,” said Mike Tharp managing director of Cimarron Capital, the fund manager of the AIF.
Arkansas entrepreneurs are invited to visit these websites for more information.