Icon (Close Menu)

Logout

ADFA Invests $5M in Atlanta’s Noro-Moseley Partners, Early Investor in Acumen Brands

1 min read

The Arkansas Development Finance Authority has committed $5 million from its Arkansas Institutional Fund to Noro-Moseley Partners of Atlanta.

Noro-Moseley is a venture-capital fund that has been increasing its activity in Arkansas. In 2010, it invested $3.5 million in Fayetteville’s Acumen Brands, an Innovate Arkansas client firm.

“Noro-Moseley’s strategy has been a great match for Arkansas,” said Gene Eagle, ADFA president, in a news release. “We are pleased with our strong relationship and look forward to more shared success.”

Noro-Moseley is one of the largest VC firms in the Southeast. Since its formation in 1983, the firm has invested about $700 million in 185 companies.

The AIF investment will go to Noro-Moseley’s seventh fund, capitalized at $111 million, and from which NMP plans to invest in 18-20 early growth companies in the technology and health-care sectors, according to the release.

“We intend to continue to be active in the state’s entrepreneurial ecosystem and grow the network we have cultivated that helps us find and build great companies,” said Mike Elliott, Noro-Moseley Managing Partner.

ADFA provides seed funding for tech-based startups in Arkansas. Its four funds, including the Institutional Fund, are designed to provide financial resources for startups looking for early traction.

Send this to a friend