BIRMINGHAM, Ala., Sept. 05, 2018 (GLOBE NEWSWIRE) -- Alabama Futures Fund (“AFF”), announces it has closed a $25 million early-stage venture capital fund, launching the largest seed-stage investment fund in Alabama history. AFF will focus its investments in companies across a broad range of industries that exhibit the potential for high growth. AFF is focused on developing a vibrant entrepreneurial ecosystem in Alabama and will only invest in companies that are headquartered in, or willing to relocate to, the State of Alabama.
AFF was conceived to address Alabama’s historically low ranking in funding for early-stage startups. AFF will add meaningful capital to the burgeoning Alabama startup ecosystem while helping to close the funding gap that has hindered startup activity and economic growth in Alabama.
AFF reflects a significant commitment by its investors and strategic partners to support the next wave of entrepreneurs early in their business development. The investors in AFF include several prominent institutional and individual Alabama investors, including Protective Life Insurance Company, HOAR Construction, LLC, Raymond J. Harbert, G. Ruffner Page, Jr., Charles Barkley, and Benny M. LaRussa, Jr.
AFF’s portfolio investments will be managed by Redhawk Advisory through its principles, Matt Hottle and Mickey Millsap.
“I am extremely excited about the formation of the Alabama Futures Fund. An organized, early stage venture capital fund is something Birmingham and Alabama have very much needed. We have assembled a great group of investors, and I believe we have the perfect investment managers in Matt Hottle and Mickey Millsap,” said Raymond J. Harbert. “I think AFF will be a game changer for Alabama’s entrepreneurial start-up community.”
“Protective is proud to be a part of the Alabama Futures Fund,” said Carl Thigpen, Executive Vice President and Chief Investment Officer, Protective. “We see this as an investment in the future of Alabama and look forward to seeing how it contributes to the state’s ever-growing business community.”
“We’ve been watching startups in Alabama operate with incredible grit and resourcefulness, but often without the capital they need to thrive. The funding, strategic partnerships, and support AFF will provide has the opportunity to be game-changing, not only for the individual companies, but for the economic growth of the entire state,” said Matt Hottle.
About Alabama Futures Fund, LP
AFF seeks to make seed and early-stage investments in Alabama-based operating companies and companies that are willing to relocate their headquarters and principal business operations to Alabama. AFF will target portfolio investments that demonstrate high growth potential, are led by coachable and adaptable founding teams and are focused on large total addressable markets. Portfolio companies of AFF will also benefit from the broad experience and diverse talents of the members of the AFF Advisory Board, who include David M. Gray, Shannon P. Spotswood, Stanley L. Graves, Deontée D. Gordon and Owen Samuels. Additional information about Alabama Futures Fund can be found at www.alabamafuturesfund.com or by contacting Matt Hottle at 205.530.3722.
About Redhawk Advisory
Redhawk Advisory (“Redhawk”) is a registered Investment Advisor with offices in Birmingham. Founded in 2018 by Matt Hottle and Mickey Millsap, Redhawk focuses on identifying investments in early-stage startups with high growth potential across a broad range of industries. For more information, please visit www.RedhawkAdvisory.com.