CincyTech, the venture development organization based in Cincinnati, Ohio, has closed a $30.75m fund.
CincyTech Fund IV, LLC, will invest in approximately 25 high potential digital and life science companies in southwest Ohio over the next three years.
Fund IV combines $20.75m in private investment raised by CincyTech with a $10m Ohio Third Frontier loan. The vehicle includes participation from 79 individual investors and 12 institutions, including Cincinnati Children’s Hospital Medical Center, Castellini Management Company, Interact for Health, The Greater Cincinnati Foundation, Western & Southern Financial Group, and UC Health.
Led by president and CEO Bob Coy and Managing Director Mike Venerable, CincyTech launched its first seed fund in 2007, addressing a regional shortage of seed stage capital in the tech startup economy. Since investment activity began, the organization has invested $25.5m in 60 companies in southwest Ohio, which have created or retained 826 jobs, attracted $551.6 million in co- and follow-on investment, and generated $194 million in revenues.
Three companies have exited.