PHOENIX — The first venture capital fund dedicated to backing Arizona startups with money almost exclusively from investors inside the state said it has closed its first fund with a total of $110 million — $10 million more than it was shooting for.
The fund, called AZ-VC — which got its start under the name InvisionAZ — has already poured money into a pair of startups earlier this year and is expected to announce a couple more investments before the year is out, said Jack Selby, the fund's manager.
Selby said it was heartening to see the oversubscribed support. For him, that was a litmus test that shows the Arizona community has a strong motivation to support local entrepreneurs.
“I honestly didn’t know that that was going to be the case,” he said. “The Arizona community has backed us and put us in business.”
Read more of this story from the Business Journal.
