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venVelo LLC

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Enterprise Florida Partners with venVelo to Support GENICONís Continued Growth


Winter Park, FL, November 10, 2014 --(PR.com)-- Enterprise Florida announced today that it was matching venVelo’s investment in GENICON, a Winter Park, Florida company recognized as a leader in the medical-device market focusing on the design, manufacture, and distribution of over 200 different products. This new funding will allow GENICON to complete the construction of a second clean room, bringing more of its manufacturing in-house and leading to over 30 new local jobs.

Enterprise Florida’s Minority & Small Business, Entrepreneurship and Capital (MaSBEC) division partners with outside organizations to provide small, minority, and entrepreneurial companies with training, development, and financing options. It has an extensive network of state, federal, and non-profit resources ready to assist small businesses in accessing capital, entering new markets, and creating revenue growth and job creation.

“GENICON obviously meets the letter of the Florida statute creating the Florida Small Business Technology Growth Fund,” said Bill Spivey, vice president of capital programs for Enterprise Florida. “Equally important is that it also meets the spirit of the legislation as the company continues to bring more of its supply chain and manufacturing to Florida. We are delighted to play a small role in helping this company leverage its other funding.”

“We welcome this investment by Enterprise Florida,” said Gary Haberland, founder and CEO of GENICON. “It has been supporting our growth – and the growth of hundreds of other Florida companies – for years with its leadership in creating U.S. pavilions at trade shows around the world. Many of the over 60 international markets we serve are a result of attending these tradeshows. We are also grateful for venVelo’s financial support and the active role it plays in GENICON’s plans for the future.”

GENICON is selling over 200 different product SKUs in over 60 markets today. The company has long-standing distribution agreements with third parties in these countries including the National Health Care System in the United Kingdom, the public tender systems in Italy and Spain, South Korea, South Africa, the Gulf States Consortium Tender (which includes Saudi Arabia, Jordan, UAE, Kuwait, and Iraq), and substantial sales in China.

“venVelo is fortunate to have its investment in GENICON enhanced by the involvement of Enterprise Florida,” said N. Michael Wolsonovich, a venVelo board member who joined the GENICON board to represent outside investors. “Our joint financial investment, coupled with the other resources that Enterprise Florida and venVelo bring to the table, will support GENICON’s continued double-digit revenue growth. That’s good for investors, GENICON, our community, and the entire state.”

Haberland added, “Florida is optimal for a company like GENICON with a healthy mix of skilled workers, investment capital, low taxes, high quality of life for employees, and an active and engaged state government with programs that support GENICON’s vision of growth through exports.”

About GENICON
GENICON, a Winter Park, Florida company, is a recognized leader in the medical-device market focusing on the design, manufacture, and distribution of patent-protected laparoscopic instrumentation to more than 60 global markets. In 2014, GENICON’s innovative GENI-Surge instrumentation line won the prestigious “Innovation of the Year” by the Society of Laparoendoscopic Surgeons. GENICON also won the 2014 the U.S. President’s “E Award”, the highest recognition a U.S. company can receive for making a significant contribution to the expansion of U.S. exports. See http://geniconendo.com/ for more information.

About Enterprise Florida
Enterprise Florida, Inc. (EFI) is a public-private partnership between Florida’s business and government leaders and is the principal economic development organization for the state of Florida. EFI’s mission is to expand and diversify the state’s economy through job creation. In pursuit of its mission, EFI works closely with a statewide network of economic development partners and is funded both by the State of Florida and by private-sector businesses. See http://www.enterpriseflorida.com/ for more information.

About venVelo
venVelo, the premier early-stage venture fund in Florida for innovative companies seeking capital and mentoring, was launched in 2012 and quickly established itself as one of the most active venture funds in central Florida. It was named the 2014 “Tech Investor of the Year”. In addition to its investments, venVelo board members have been frequent speakers, panelists, and venture competition judges around the state. venVelo also has donated money to a variety of organizations working to develop the central Florida entrepreneurial ecosystem. See http://www.venvelo.com/ for more information.
Contact Information
venVelo LLC
Allen H. Kupetz
407-646-1544
Contact
www.venVelo.com

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