|
|
Fund Profile:
ACEnet Ventures, Inc.
Address: 94 Columbus Road, Athens, Ohio 45701
Telephone: (740) 592-3854
Fax: (740) 593-5451
Website: http://www.acenetworks.org/
Email: rkrieger@acenetworks.org
Key Personnel:
Rick Krieger, Director, ACEnet Ventures Inc.
June Holley, President and Founder, Appalachian Center for Economic Networks (ACEnet)
Established: 2000
Total Committed Capital: The fund was capitalized at $711,607 at the end of 2001, with the goal to be capitalized at $5 million by 2004.
Amount Invested: not available
Geographic Focus: Central Appalachia, which includes parts of southern Ohio and western West Virginia.
Background
The Fund is a non-profit subsidiary of the Appalachian Center for Economic Networks (ACEnet), a community economic development organization that has been successfully operating since 1985. ACEnet Ventures assists in the development of distressed Central Appalachian communities through investment in small businesses, so that they can expand and create high quality jobs for low-income residents. The Fund invests in specialty food and technology businesses in a section of Central Appalachia characterized by high poverty, high unemployment, and low median income. ACEnet Ventures' capital products include fully collateralized loans, subordinated debt, participation agreements, and debt with warrants.
Social Mission
The Fund's goal is to create high-quality jobs that create wealth, provide living wages, and offer good benefits for low-income people in Central Appalachia.
Investment Information
During the next five years, the Fund expects to complete 180 investments. ACEnet Ventures focuses on Central Appalachia, which includes parts of southern Ohio and western West Virginia. The Fund pursues a sectoral strategy, emphasizing food and technology-related businesses. The Fund typically makes investments of between $25,000 and $350,000 and focuses mostly on seed stage investments. ACEnet Ventures will work closely with area banks, loan funds, and other venture funds to pursue co-investing opportunities.
|
| |
