Tucson, Arizona-based UAVenture Capital has launched a new venture fund that will focus on backing University of Arizona-connected businesses and innovations. No financial terms were disclosed.
TUCSON, Ariz., Sept. 28, 2017 /PRNewswire/ — Founders of UAVENTURE CAPITAL, LLC today announced the launch of a new venture capital fund designed to support the commercialization of University of Arizona science, services and intellectual property. UAVC has been formed by Fletcher J. McCusker, the business driver behind the University of Arizona College of Pharmacy spin out SinfoníaRx, Inc., and the founder of the public company Providence Service Corporation. Joining McCusker as fund principals will be Larry M. Hecker, Esq. and Michael N. Deitch, CPA.
UAVENTURE CAPITAL, LLC will be headquartered in the iconic Ronstadt House at 607 North Sixth Avenue, one of Tucson’s landmark turn of the century mansions, just blocks away from downtown and the University.
The Fund will consider investing in University of Arizona science, technology, services and intellectual property originating from faculty, students, alumni, and affiliates. “The biggest problem for Tucson based startups has been growth capital,” said Fletcher McCusker, CEO and co-founder of the new fund. “With Providence and SinfoníaRx, we had to continually search for investment capital. Ultimately, SinfoníaRx was funded entirely by Tucsonans and we believe that model, combined with institutional investment, can support a number of startup ventures,” he concluded.
“Having access to local capital will definitely be a boost for UA technology commercialization. Tech Launch Arizona is excited to work with the fund managers,” said David Allen, the UofA vice president for Tech Launch Arizona.