Opportunity Fund provides capital for Florida businesses

The Florida Opportunity Fund announced one of its first commitments to boost venture capital investments in the state will be with Orlando-based Inflexion Partners, a venture capital firm that invests in early-stage Florida companies, primarily in medical technology/ personalized medicine, clean technology and information technology.

The Florida Opportunity Fund, a program established by Enterprise Florida as part of an economic development package created by the Florida Legislature, will commit up to $4 million to Inflexion Fund II.

The Florida Opportunity Fund also has made a commitment to Element Partners, a national venture capital group with a 12-year history of financing Florida startups and clean-tech businesses.

"Inflexion has a strong track record of putting capital to work with new Florida companies and generating returns for its investors," said Jennifer Dunham with Florida First Partners. "Combined with the reputation and success of Element Partners, this is the momentum that can attract more venture capital for the strategic areas that anchor the state's new-tech economy."

A wide array of national, regional and local private equity funds responded to the Florida Opportunity Fund's initial request for proposal issued last December. Inflexion and Element were selected from among the many respondents following a rigorous and comprehensive review, said Ms. Dunham, who expects the Florida Opportunity Fund to make two to four additional commitments to venture funds this year.

The $29.5 million Florida Opportunity Fund was created to invest in high quality, venture capital funds that focus, in whole or in part, on seed and early stage Florida businesses. In turn, the goal is for those investments to be a platform for creating new companies with highwage jobs.

The Florida Opportunity Fund aims to increase the availability of capital for companies in strategic sectors such as life sciences, clean energy, homeland security, aerospace and defense, information technology and advanced manufacturing. In the United States, Florida is the fourth largest employer in the high-tech industry, according to TechAmerica's Cyberstates report.

Inflexion Partners, with offices in Orlando, Gainesville and Tampa, launched its first fund, Inflexion Fund I, in 2002. Inflexion Fund I included nine early-stage companies, in industries such as molecular diagnostics, new media, software and communications, that have generated hundreds of jobs in the state.

Nearly 270 venture capital deals have closed in the state in the past five years, resulting in more than $2 billion in total venture capital spending, according to Enterprise Florida.

The Florida Opportunity Fund continues to accept applications on a rolling basis. Venture capital and angel fund managers interested in applying to the Florida Opportunity Fund should visit www.floridaopportunityfund. com