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PHOENIX — The primary enterprise capital fund devoted to backing Arizona startups with cash nearly completely from traders contained in the state mentioned it has closed its first fund with a complete of $110 million — $10 million greater than it was taking pictures for.
The fund, known as AZ-VC — which bought its begin underneath the identify InvisionAZ — has already poured cash right into a pair of startups earlier this 12 months and is predicted to announce a pair extra investments earlier than the 12 months is out, mentioned Jack Selby, the fund’s supervisor.
Selby mentioned it was heartening to see the oversubscribed help. For him, that was a litmus check that exhibits the Arizona group has a robust motivation to help native entrepreneurs.
“I truthfully didn’t know that that was going to be the case,” he mentioned. “The Arizona group has backed us and put us in enterprise.”
Learn extra of this story from the Business Journal.
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