The city of Akron on June 1 plans to launch another biomedical investment fund.

The city has raised $1.75 million for the new fund, which is called The Akron BioInvestments Funds LLC II. That makes it slightly larger than the first fund , which raised $1.5 million. That money went to 13 young biomedical technology companies, including four that moved from other states and countries. All investors who put money into the first fund invested in the new fund, which will provide loans and investments. The first fund was merged with the new fund, according to a news release from the city of Akron. The new fund will provide two different types of awards, according to a background document provided by the city: It will offer loans of up to $25,000 for early stage biomedical companies that commit to remain in Akron for “a defined period of time (usually 3 years),” the document stated. That money is “for proof of concept, prototyping, market assessment and business plan development,” according to the document. The fund will provide awards of up to $225,000 for “companies at the demonstration stage or near market entry,” the document stated. That money could take the shape of a loan, convertible debt or equity. Those companies would have to stay in Akron longer, “usually 7 years,” according to the document. They also must commit to creating jobs — “usually 10 jobs within 3 years,” it stated. The fund “is managed by a board of managers with insight and recommendations from experienced multidisciplinary due diligence and investment committees,” the release stated.