IFM Ventures Invests in Central Florida Business Accelerator venVelo

Winter Park, FL, November 27, 2012 --(PR.com)-- IFM Ventures announced today that it has invested $200,000 in venVelo, a venture fund and business accelerator headquartered in Winter Park, Florida. IFM’s investment in venVelo follows that of Oakstone Holdings earlier this year (see: http://www.pr.com/press-release/426411).

IFM Ventures’ name comes from Arthur C. Clarke’s observation that “Any sufficiently advanced technology is Indistinguishable From Magic.” It is headquartered in Orlando, Florida and co-managed by N. Michael Wolsonovich, Jr. and Allen H. Kupetz. IFM’s members include prominent business, medical, and legal professionals. In addition to its investment in venVelo, IFM will also make direct investments.

venVelo, a central Florida venture fund and business accelerator focused on early-stage investments, invested in flexReceipts earlier this year (see: http://www.pr.com/press-release/436624) and plans to make 2-3 additional investments in 2012.

Richard Licursi, CEO and co-founder of venVelo, has been a prominent figure in technology companies in central Florida for many years. “venVelo welcomes this investment from IFM. It will offer IFM access to our deal flow and gives us additional funding as we move ahead in building out our portfolio,” said Licursi.

Wolsonovich, who will represent IFM on venVelo’s board, added, “venVelo has moved quickly to build important relationships from Gainesville to Miami that we believe offers our members a great opportunity to work with the unique talent venVelo has assembled so as to maximize the return to our investors.”