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news.Spineology has announced a $1.5 million commitment by Minneapolis-based venture capital firm Affinity Capital Management. This investment comes just weeks after the company closed on a $7.5 million private placement.
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Additionally, Ed Spencer Jr, founder and chairman of Affinity Capital Management, will join the Spineology board of directors as the company evolves its commercialization and product development efforts in the $4 billion spinal market.
Mr Spencer is founder and chairman of Affinity Capital Management. Mr Spencer is the managing general partner for the firm’s five healthcare funds. Mr Spencer holds a MBA from Columbia University.
John Booth, CEO of Spineology, said: “Following so closely on the heels of an earlier private placement, the investment by Affinity expands our capital resources and solidifies our expansion plans. The addition of Mr Spencer broadens our board expertise, as we venture ahead.”