Tuesday, August 18, 2009

Current Solutions Nabs $3.15M, Moves To Austin

Austin-based venture capital firm Advantage Capital Partners said today that it has invested $3.15M in funds to a distributor of medical supplies, to help the firm move its headquarters to Austin. According to Advantage Capital Partners, the investment went to Current Solutions LLC, a wholesale distributor of electrotherapy devices and accessories. Advantage said the funding goes to acquire Koalaty Products and its move to Austin, in addition to hiring approximately 16 full-time employees over the next 12 months. As part of the funding, Glynn Bloomquist has been appointed CEO, and Ken Taylor as Chief Operating Officer. Bloomquist was most recently CEO and an investor in Austin's Barton Medical Corporation; Taylor previously spent 12 years at Dell. Advantage said the investment comes as part of the Texas CAPCO program, with $950,000 being provided to the firm by Focus Strategies, Current Solutions management and other individual investors.