Florida venture fund places $4 million with Stonehenge Capital

Mar 13, 2010 — The Orlando Sentinel

Richard Burnett

Mar. 12, 2010 (McClatchy-Tribune Regional News delivered by Newstex) -- The Florida Opportunity Fund said Thursday it has placed $4 million with Stonehenge Capital Co. LLC as part of its effort to lure more venture investment to the state.

It is the sixth deal for the state-sponsored fund, which is co-managed by Winter Park-based Milcom Venture Partners.

The latest investment will be in the Stonehenge Growth Equity Fund I.

Stonehenge, which has offices in Tampa, New York and Dallas, has a long track record of success with its Florida investments, the firm said.

Its portfolio includes Melbourne-based AuthenTec Inc. (NASDAQ:AUTH) -- a Harris Corp. (NYSE:HRS) spinoff that designs and produces fingerprint-recognition sensors for the global consumer electronics industry.

"Our focus on fostering growth companies that create high-wage jobs and strong returns for investors is strongly aligned with the mission of the Florida Opportunity Fund," Stonehenge Growth Equity managing director Steven Lux said in a written statement.

In all, the opportunity fund has now invested $23 million with various venture firms. Terms of the deals call for the firms to invest in Florida startup or early-stage companies.

In the past year, the opportunity fund has attracted a stable of "high-caliber funds poised to invest more in the state and be a boost for the economy," said Jennifer Durnham, manager of the program for Florida First Partners, a joint venture of Milcom and Credit Suisse Customized Investment Fund.

Other recipients of cash from the fund include Orlando-based Inflexion Partners, Element Partners, New Enterprise Associates, Harbert Venture Partners and 5AM Ventures III.

Richard Burnett can be reached at rburnett@orlandosentinel.com or 407-420-5256.

Newstex ID: KRTB-0151-42854111