CincyTech Closes Fund III
$10.9 Million Seed Fund Is CincyTech's Largest to Date
(firmenpresse) - CINCINNATI, OH -- (Marketwired) -- 08/01/13 -- Cincinnati-based CincyTech, a public-private seed-stage investor, has closed its third fund. The new $10.9 million fund will enable CincyTech to continue its mission of investing in local, technology-based startup companies.
CincyTech Fund III, LLC combines a $5 million Ohio Third Frontier investment with $5.9 million raised by CincyTech from Southwest Ohio partners.
Like CincyTech Funds I and II LLC, Fund III will invest in companies focused on information technology and bioscience that are based in or willing to move to Southwest Ohio. The fund has the capacity to invest in at least 15 companies.
"Over the last five years there has been a significant increase in seed stage investment activity in the Cincinnati region. CincyTech Fund III will enable us to continue to invest in entrepreneurs in Southwest Ohio to create jobs and wealth to propel our region forward," said Bob Coy, president of CincyTech.
Eight local institutions and 51 individual investors have committed to invest in Fund III.
"The number of individual investors in Fund III represents a dramatic increase from the nine individual investors in Fund II. These individuals are the foundation of the larger seed stage investment syndicates that we organize for our portfolio companies. Based upon our past investment experience, for every dollar invested in a startup from Fund III, an additional $3 will be invested by other investors in the seed round prior to an investment by an institutional venture capital fund," said Coy.
Local institutions that have committed to invest in Fund III include Castellini Foundation, Cincinnati Children's Hospital Medical Center, The Christ Hospital, The Greater Cincinnati Foundation, and the Health Foundation of Greater Cincinnati.
To this point, CincyTech has invested $15.3 million in 43 portfolio companies. Those companies have created 390 jobs and attracted $228.2 million in follow-on capital and other outside funding.
CincyTech is a public-private venture development organization that invests in high-tech startups in Southwest Ohio. With support from Ohio Third Frontier and corporations, foundations and individuals, it is stimulating the growth of venture-worthy companies in IT and bioscience.
Ohio Third Frontier, an unprecedented and bipartisan commitment to create new technology-based products, companies, industries and jobs, has attracted more than $8 billion in other investments to Ohio, with a nearly 9:1 ROI. It has also helped create and retain more than 95,000 direct and indirect jobs for Ohioans.
CincyTech
513.263.2728
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Datum: 01.08.2013 - 13:10 Uhr
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News-ID 283951
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