TLDR:
Ohio has invested $86 million in venture capital funding for early-stage tech companies owned by women, minorities, or in underserved areas. This funding will be distributed among 11 professionally managed funds focusing on healthcare, manufacturing, and food technologies.
Ohio Invests Big In Its Minority And Women Entrepreneurs With $86M
Through venture capital, Ohio has gave $86 million to early-stage tech companies in women – minority-owned or underserved areas. The money comes from the federally funded State Small Business Credit Initiative Venture Capital program and will be invested in 11 professionally managed funds.
Ohio Funding These funds are aimed at investing in companies focused on things such as health care, manufacturing and food technologies. The funds were eligible to apply for between $5 million and $10 million.
“These awards will help spur innovation by fostering a diverse entrepreneurial ecosystem and accelerating the growth of high-potential companies,” said Ohio Department of Development Director Lydia Mihalik. “By directing these funds to historically under-represented founders and tech-focused companies, we’re levelling the playing field and ensuring everyone has a chance to succeed in the heart of innovation.”
Meet The Funds Recipients
JumpStart Ventures and its parent company, JumpStart, Inc., received almost half the $86 million for four Cleveland-area-based programs. It received $5 million for its Focus Fund II, $10 million for its NEXT Fund II and another $10 million for its Evergreen Fund IV. JumpStart Inc. received $10 million for its Ohio Sciences Fund, two $5 million awards went to Columbus-area groups, two Cincinnati groups received $10 million and two other Cleveland-area groups received $10 million.
“Ohio was awarded these federal funds, and so we have the responsibility to invest them wisely,” said Lt. Gov. Jon Husted. “The strategy is to help leverage private dollars for small businesses that have a difficult time attracting early-stage investors with the aspiration of building a new generation of businesses in underserved communities.”
