Detroit, Michigan (PRWEB) February 13, 2009
Building on the momentum which it first established in 2008, venture capital firm CNP AKAMA Ventures LLC announced today the successful close of its inaugural $15 million Seeds Fund. The Fund's core focus will be on companies that exhibit strong revenue, growth and management, but are seeking additional capital to expand. A significant portion will also be earmarked for early stage companies that offer innovative business models or paradigm-shifting, new technologies.
The concept for the Seeds Fund was derived from the economic and structural challenges currently facing Michigan. Jay Apsey, the Fund's conceptual founder and a Director of CNP AKAMA Ventures, viewed the Fund as a means with which to spur transformational change in Michigan away from traditional manufacturing and into new areas such as advanced materials, alternative energy and information technology. "There are a large number of business investment opportunities that can provide a substantial return within the State. The Seeds Fund will seek to identify these opportunities, and in doing so, fuel the new Michigan economy," stated Apsey.
"Michigan's venture capital market has started to gain momentum over the past several years; we have more funds located here and more investments infusing important capital and funding into Michigan businesses," said Adam Tracy, Managing Director of CNP AKAMA Ventures. "CNP AKAMA is eager to leverage the Seeds Fund within the Michigan economy and elsewhere," he continued.
A licensed attorney, securities principal, and a veteran of capital markets and securities transactions, Tracy has advised many private and publicly traded companies on capital markets strategy. His previous experience also includes time spent with Accenture, British Petroleum, Philip Morris and the United States Department of Justice.
About CNP AKAMA Ventures
Michigan-based CNP AKAMA Ventures operates in the U.S. heartland providing funding and guidance to help companies achieve sustainable prosperity. The company and its subsidiaries invested in over 30 companies in 2008 and its management team brings over 50 years of experience in venture capital investing and consulting. For additional information in regard to CNP AKAMA Ventures and the "Seeds Fund", visit http://www.cnpakamaventures.com or call 248-546-8351.
CNP AKAMA Ventures, LLC
(248) 546-8351 (office) (317) 506-7015 (cell)