Winter Park, FL, April 10, 2015 --(PR.com
)-- venVelo, one of the fastest growing and most active early-stage venture funds in Central Florida, announced that it was investing an additional $1.7 million in five of its current Florida-based portfolio companies. venVelo and its Board members have invested over $3.25 million in nine Florida companies since 2012.
Since the beginning of the year, venVelo – coupled with sidecar investments from its Board members – added to previous investments in five of its existing portfolio companies, flexReceipts, GENICON, Spectrum Bridge, Vigilant Biosciences, and Zentila. venVelo and its Board have now invested almost $2.7 million in these five companies.
“Although we are investing in our current portfolio companies, we also expect to add 2-3 new companies to our portfolio over the next 90 days,” said Richard Licursi, CEO of venVelo.
“Richard has been a key advisor to Zentila even before we had a name,” said Mike Mason, CEO of Zentila. “He saw the disruptive nature of our offering. And venVelo’s commitment to our long-term growth shows the impact this kind of early-stage fund can have in our community.”
Spectrum Bridge CEO Peter Stanforth added, “Through a series of investments over time, venVelo and its Board members have become one of our largest shareholders. To have access to local investors who understand technology and intellectual property is a tremendous asset for the startup community in Central Florida.”
Headquartered in Winter Park, venVelo was named the 2014 Tech Investor of the Year because of the unique role it plays in the local entrepreneurial ecosystem. venVelo’s portfolio companies, all of which are headquartered in Florida, also includes Kairos, mCast Networks, Splyt (acquired by Knetik Media), and Thrive Ice Cream.
According to Matthew Kim, CEO of Vigilant Biosciences, “venVelo's first investment in Vigilant Biosciences reflected at that time a level of investor confidence in what we were doing that provided a catalyst for a further significant capital raise from other investors. Beyond capital and additional introductions, however, their involvement through their observer on the Board and from other members of the group combine to show the impact an early-stage investor can have on a startup.”
“venVelo was our first outside investor,” said Tomas Diaz, CEO of flexReceipts, “and it has now invested in flexReceipts four different times as we continue to grow our business. venVelo has been a key to our success.”
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.