Governor DeWine Announces $86 Million Investment in Early-Stage, Tech-Based Ohio Companies
(COLUMBUS, Ohio)— Ohio Governor Mike DeWine, Lt. Governor Jon Husted, and Ohio Department of Development Director Lydia Mihalik today awarded $86 million to support early-stage, tech-based companies in underserved communities and populations across Ohio.
The funding is being awarded to 11 professionally managed investment funds through the Ohio Venture Fund and Ohio Early Stage Focus Fund to provide capital to early-stage, tech-focused companies throughout Ohio. Funds will invest in companies focused on healthcare, manufacturing, food technologies, and more.
“Here in the heart of innovation, these investments will help move technology forward to benefit those living in Ohio and beyond,” said Governor DeWine. “By supporting the dreams and ideas of Ohio innovators, we have the potential to transform lives for generations to come.”
“Ohio was awarded these federal funds, and so we have the responsibility to invest them wisely,” said Lt. Governor 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.”
The Ohio Early Stage Focus Fund provides 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 were eligible to apply for $1 million to $5 million. More information can be found at development.ohio.gov/EarlyStageFocusFund.
The Ohio Venture Fund provides investment capital to professionally managed investment funds to support Ohio technology companies with early-stage capital. Organizations and private investment firms were eligible to apply for $5 million - $10 million. More information can be found at development.ohio.gov/VentureFund.
“These awards will help spur innovation by fostering a diverse entrepreneurial ecosystem and accelerating the growth of high-potential companies,” said Director Mihalik. “By directing these funds to historically under-represented founders and tech-focused companies, we’re leveling the playing field and ensuring everyone has a chance to succeed in the heart of innovation.”
The programs are part of the federally-funded State Small Business Credit Initiative (SSBCI) Venture Capital Program. More information on the program can be found at development.ohio.gov/ssbci.
Additional Media Contact:
Ohio Department of Development
Mason Waldvogel, Deputy Chief, Media Relations
\uD83D\uDCDE 614-961-1688
✉ [email protected]
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