Ohio Launches Venture Capital Programs for Tech Companies

COLUMBUS, Ohio – Approximately $111 million will be available to help support tech-based companies in the state.

Two new funds – the Ohio Early Stage Focus Fund and Ohio Venture Fund – will help increase the amount of early-stage capital invested in technology-based companies, accelerate the growth of high-potential companies and create a climate that supports the development, retention and attraction of technology companies in the state.  

“These programs will address gaps in early-stage capital as companies mature and new startups emerge, as well as for underserved communities that face barriers to accessing capital,” Gov. Mike DeWine said in announcing the programs Tuesday. “By increasing access to funds, we are ensuring that technology companies have the support they need to thrive in the heart of innovation.”  

The Ohio Early Stage Focus Fund will provide capital to professionally managed investment funds to support early-stage technology companies that are woman- or minority-owned or based in an area that has been underserved by venture capital. Organizations and private investment firms are eligible to apply for $1 million to $5 million of the more than $36 million available. More information can be found HERE.  

The Ohio Venture Fund will provide investment capital to professionally managed investment funds to support Ohio technology companies with early-stage capital through Series A.  Organizations and private investment firms are eligible to apply for $5 million to $10 million of the $75 million available. More information can be found HERE.  

“Venture capital isn’t just an investment; it’s a catalyst for innovation and a testament to the power of bold ideas here in Ohio,” Lt. Gov. Jon Husted said. “Venture capital fuels the dreams that redefine industries, empowering pioneers to shape the future we envision today. This will help pave the way for sustained technological advancement and further reinforce Ohio’s position as the silicon heartland.”

The Ohio Department of Development began accepting proposals for funds last week. Letters of intent are due by 2 p.m. Sept. 21, and final proposals must be submitted by 2 p.m. Oct. 19. More information is available HERE.

Pictured at top: Photo courtesy of pexels.com.

Published by The Business Journal, Youngstown, Ohio.