The Arizona Economic Resource Organization secured $325,000 of initial funding through the Commerce and Economic Development Commission to increase the venture capital industry in Arizona.
The initial funding will set up an Arizona Fund of Funds that will raise investment capital from investors — both private and public sector — and reinvest those funds in several professionally-managed target venture funds.
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"AERO will use this seed investment to build the infrastructure of an Arizona Fund of Funds, which will grow Arizona’s venture capital industry and arm the science and technology leaders in Arizona with an important additional source of capital investment," said AERO board member Bill Hardin.
Through strategic and coordinated fundraising, venture fund selection and investment oversight, AERO’s goal is to establish a $50 million Fund of Funds that will be structured and managed to attract overall investment of at least $200 million to help commercialize Arizona innovations.
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