CincyTech, a venture development organization and seed stage investor, received a $10m dollar loan from Ohio Third Frontier.
This will help it create CincyTech Fund IV LLC, in order to continue its mission of investing in high potential life science and technology- based startup companies that are located in or willing to move to southwest Ohio. The new fund will invest in up to 25 companies over the next five years.
To this end, CincyTech has also raised $20m in local matching money—a requirement of the loan—from southwest Ohio institutions, foundations and individuals, bringing the total of CincyTech Fund IV LLC to $30m. Organizations that have committed to invest in Fund IV include the Greater Cincinnati Foundation, Castellini Management Company and Interact For Health, in addition to more than 70 private investors.
Led by President and CEO Robert W. Coy, CincyTech has invested $25.5m in 60 companies, which have gone on to raise $506.2m dollars in co- and follow-on investment, to generate $187.4m in revenues and to create and retain 789 jobs with an average salary of $75,500.
The portfolio includes Mason-based Assurex Health, which employs 400; downtown-based LISNR, which has received investment from Intel Capital; Enable Injections, Zipscene and Eccrine Systems, among others.