Venture capital fund invests in ASU startups to stimulate Arizona economy
Successful SkySong-based startup Bosse Tools has received a major investment of $200,000 from the Maricopa County Manufacturing Venture Fund to ramp up production of its line of ergonomically designed tools.
The venture fund was developed by the ASU Foundation for A New American University, thanks to a $1 million grant from the Maricopa County Industrial Development Authority (MCIDA).
“We greatly appreciate the support of MCIDA, and are committed to creating quality hardware tools that increase productivity and decrease injury, while doing our part to create jobs here in Arizona,” said Stephen Walden, Bosse Tools president and founder.
The venture fund was created to invest in companies that are engaged with ASU-supported accelerator programs, helping them take the next step in their development with early-stage manufacturing startup support.
“Arizona has a robust and growing startup ecosystem, with this fund helping to stimulate next generation job and wealth creation by providing companies and entrepreneurs access to early-stage risk capital,” said Gregg Ghelfi, IDA board president. “We’re excited to be part of this effort to help emerging businesses grow, succeed and create jobs.”
As a company matures and realizes liquidity, proceeds will flow back to the fund to be re-invested in future companies. ASU’s goal is to build the fund to $10 million through private donations.
The Maricopa County Manufacturing Venture Fund is managed by Mitzi Montoya, vice president and university dean for Entrepreneurship & Innovation, and Charlie Lewis, vice president for venture development for Arizona Technology Enterprises (AzTE), ASU’s technology transfer arm.
Last year, Bosse Tools was one of eight startups participating in the ASU Startup Accelerator for Arizona-based companies. The company is currently based at SkySong, the ASU Scottsdale Innovation Center.