2015
OHIO VentureReport
Ohio is the home of innovators. From first in flight to the first text message, the people
of Ohio have helped to build the foundation of the modern era. As technology and
healthcare continue to advance at lightning speed, and we are entering a new frontier
shaped by connectivity, Ohio is once again emerging as a leader of innovation. Silicon
Valley has the internet, but the Midwest has the things and Ohio is getting back into
the driver’s seat.
VentureOhio exists to make Ohio the best place in the world to start and grow a
company, and is led by people who believe it is possible and work hard every day
to make that dream a reality. It takes a village, and we are forever grateful for our
members who support the organization and work with us to widen the path to
success for Ohio entrepreneurs.
What we have accomplished as an organization and a statewide community in just
over two years is a good harbinger of what is to come and proof that we can move
mountains when we work together. With an influx of new local capital and more eyes
on Ohio companies every day, we are on a great trajectory and just getting started.
Thank you to our members, sponsors and partners from across the nation. We are
accomplishing a lot because we are collaborating with some of the most creative and
dedicated people in the world. We appreciate you and all that you do to support Ohio
entrepreneurship and look forward to continued collaboration in the years to come.
Sincerely,
Mark, Rich and Falon
TO OUR READERS,
MARK KVAMMEChairman
RICH LANGDALEPresident and Capital
Committee Chair
FALON DONOHUECEO
We ensure adequate capital for Ohio startups.
We foster a collaborative statewide entrepreneurial ecosystem.
We tell Ohio's story.
1
TABLE OF
CONTENTS
3 FAST FACTS
4 ABOUT VENTUREOHIO
5 BOARD OF DIRECTORS
6 WHY OHIO?
8 NORTHERN OHIO By The Numbers
Fun Facts
12 CENTRAL OHIO By The Numbers
Fun Facts
16 SOUTHERN OHIO By The Numbers
Fun Facts
20 VENTUREDINNER
22 SPONSORS
25 MORGENTHALER LIFETIME
ACHIEVEMENT AWARD WINNER
26 INVESTMENT ACTIVITY Summary
Total Investments into Venture-Backed Companies
Investments by Stage of Development
Investments by Industry
Number of Investors
Fundraising and Capital Availability
Ohio Investment Opportunity
34 TOP FINANCINGS BY STAGE
36 RECENT EXITS
38 COMPANIES TO WATCH Agile Networks
CrossChx
T-Pro Solutions
Enable Injections
7Signal
Casamatic
46 DIRECTORY Public-Private Partnerships
Our Partners in Venture Development
Venture Capital and Seed Investors
Angel Groups
Accelerators & Incubators
Our Members
167 OHIO COMPANIES RECEIVED INVESTMENT
$36M INVESTED INTO ‘OTHER’
$373 MillionINVESTED ACROSS ALL VENTURE INVESTMENT STAGES
$112M INVESTED INTO 27 LIFE SCIENCE SECTOR COMPANIES
42 EARLY STAGE
1O6 SEED STAGE
19 GROWTH STAGE
77 OUT OF STATE INVESTORS MADE INVESTMENTS IN OHIO COMPANIES.
29 INVESTORS HEADQUARTERED IN OHIO MADE INVESTMENTS IN THE STATE.
$224M INVESTED INTO 111 IT SECTOR COMPANIES
3
Will IndestDraper Triangle VenturesTreasurer
Tony ShipleyQueen City AngelsSecretary
Rich LangdaleNCT VenturesPresident and Capital Committee Chair
Mark KvammeDrive CapitalChairman
Ed HartmanMillstream Angel Club (MAC)
Dan FlemingRiver Cities Capital Funds
Lisa DelpLorain County Community College (LCCC)
Karl ElderkinAthenian Venture PartnersNominating and Governance Committee Chair
John McIlwraithAllos Ventures
Tom WalkerRev1 Ventures
Bill TrainorMutual Capital Partners
Bob SavageCoreNetwork Fund
Clay RankinNorthCoast Angel Fund
Stephen HaynesGlengary
BOARD OF
DIRECTORSABOUT
VENTUREOHIO
VentureOhio brings people together to catalyze the growth
and diversification of the Ohio entrepreneurial ecosystem.
We understand that high-growth companies are built
by innovative entrepreneurs with access to capital and
hands-on community resources. Our success is measured
by increasing the amount of venture and angel capital
invested in Ohio startup companies and the number of
local business-building resources that provide funding
and tactical support for those companies.
We do this by organizing the Ohio entrepreneurial
community and sharing our story with the world.
FOLLOW US:
@VENTUREOHIO
VENTUREOHIO.ORG
5
WHY
OHIO?
The infrastructure is already in place. And it’s here to stay.
“AS OHIO GOES, SO GOES THE NATION,” IS AN ADAGE THAT RINGS TRUE BEYOND POLITICS AND PERMEATES ACROSS BUSINESS SECTORS, CONSUMER SENTIMENT, AND INTO THE INNOVATION ECONOMY.
Ohio is where the country’s future is happening. In addition to a business-friendly climate,
Ohio is a center of gravity for research and development, with over 200 higher education
institutions that graduate a diverse and talented workforce every year. Strategically
located within 500 miles of 60% of the population, Ohio is home to a high concentration
of the nation’s leading corporations. Ohio is the seventh most populous state in the U.S.
and boasts the 25th largest economy in the world. The beautiful landscape of America’s
heartland, juxtaposed with vibrant culture and entertainment centers in every major city
make Ohio a great place to work, play, raise a family and grow a business.
Fast Fact
CLEVELAND, COLUMBUS, AND CINCINNATI WERE ALL RANKED 2015 TOP 50 CITIES FOR GROWTH ENTREPRENEURSHIP BY KAUFFMAN FOUNDATION.
7
TOP 5025
FORBES.COM RANKS CLEVELAND AS ONE OF “THE 25 CITIES WHERE YOUR PAYCHECK WILL GO THE FURTHEST.”
14POPULAR MECHANICS NAMES CLEVELAND AS ONE OF THE “14 BEST STARTUP CITIES IN AMERICA.”
BETWEEN 2000 AND 2014, THERE HAS BEEN A 77% INCREASE IN MILLENNIALS LIVING IN DOWNTOWN CLEVELAND.+77%
OF THE BEST PLACES TO LIVE- MEN’S JOURNAL
DOWNTOWN CLEVELAND'S POPULATION HAS GROWN 79% SINCE 2000 TO 14,000 RESIDENTS.
+79%
Northeast Ohio is a healthcare
hub with more than 60
hospitals including the world-
renowned Cleveland Clinic
and University Hospitals.60
Northeast Ohio is home to
25 accredited colleges and
universities with 175,000
students in the area, giving
the region a wealth of talent
to support its array of
diverse industries.
25Twenty Fortune 1000
companies are headquartered
in the Cleveland area.20
NORTHERN OHIO
BY THE NUMBERS
CLEVELAND IS ONE OF THE “17 CITIES EVERY THIRTYSOMETHING SHOULD PICK UP AND MOVE TO.”- BUZZFEED
9
THE COMIC BOOK CHARACTER, SUPERMAN, WAS CREATED IN CLEVELAND
20TRAVEL + LEISURE RANKS CLEVELAND AS ONE OF “AMERICA’S 20 MOST CULTURED CITIES.”
4THUSA TODAY RANKS CLEVELAND AS THE 4TH BEST BEER SCENE IN AMERICA.
1STCLEVELAND HOSTED THE NATION’S FIRST ROCK AND ROLL CONCERT — THE MOONDOG CORONATION BALL.
In 1986, Downtown Cleveland
was chosen to be the home of
The Rock and Roll Hall of Fame.
NORTHERN OHIO
FUN FACTS PLAYHOUSE SQUARE IS THE COUNTRY’S LARGEST PERFORMING ARTS CENTER OUTSIDE OF NEW YORK CITY, ENCOMPASSING TEN PERFORMANCE SPACES IN A ONE-BLOCK RADIUS.
Time.com cites Cleveland as one of
the “Best Food Cities in America.”
The world-renowned Cleveland
Orchestra, one of America’s “Big
Five” orchestras, plays seasonally
at Severance Hall in Cleveland’s
University Circle neighborhood.
10FOX NEWS CONSIDERS CLEVELAND ONE OF THE
“10-UNDER-THE-RADAR DESTINATIONS FOR 2016”—THE ONLY U.S. LOCATION ON THE LIST.
11
KAUFFMAN FOUNDATION RANKED COLUMBUS #1 FOR SCALING UP STARTUPS IN 2015.
15 FORTUNE 1000 COMPANIES ARE HEADQUARTERED IN THE COLUMBUS REGION.
#1 15COLUMBUS IS THE THIRD BEST CITY FOR MILLENNIALS.
- TIME MAGAZINE
#3
613WITH ONE OF THE HIGHEST CONCENTRATIONS OF COLLEGE STUDENTS IN THE NATION, CENTRAL OHIO’S 63 COLLEGE AND UNIVERSITY CAMPUSES ENROLL MORE THAN
138,000 STUDENTS ANNUALLY.
CENTRAL OHIO
BY THE NUMBERS THE COLUMBUS METROPOLITAN AREA IS THE FASTEST GROWING AMONG MIDWEST METRO AREAS WITH AT LEAST 1M IN POPULATION.
COLUMBUS OFFICE SPACE IS 40% LESS EXPENSIVE THAN CHICAGO AND 60% LESS EXPENSIVE THAN NEW YORK.
$140MCOLUMBUS IS THE WINNER OF THE SMART CITIES CHALLENGE TO CREATE THE TRANSIT SYSTEM OF THE FUTURE.
The city will receive a $40m grant from the US
Department of Transportation, with an additional
$10m from Microsoft co-founder Paul Allen’s Vulcan
Inc. Local corporations have also pledged an
additional $90m in funding for this initiative.
SMARTASSET RANKED COLUMBUS #6 ON ITS LIST OF TOP 10 CITIES FOR CREATIVES.
COLUMBUS IS RANKED THE 13TH FASTEST-GROWING CITY IN THE U.S. 13
OF THE UNITED STATES POPULATION LIVES IN A 500 MILE RADIUS OF COLUMBUS.
50%
COSI WAS RATED AS ONE OF THE 20 BEST MUSEUMS IN THE UNITED STATES BY USA TODAY.
MOST INTELLIGENT COMMUNITIES IN THE WORLD.- INTELLIGENT COMMUNITY FORUM
TOP 7
ORBITZ NAMES COLUMBUS ONE OF THE TOP 10 BEST U.S. CITIES FOR A LONG WEEKEND.
CENTRAL OHIO
FUN FACTS
COLUMBUS IS ONE OF THE UNITED STATES' YOUNGEST CITIES, WITH THE AVERAGE AGE BEING 32.5 YEARS OLD.
Fashion Up Events named Columbus
the 3rd most fashion forward city in
the United States, just behind New
York City and Los Angeles.
THE COLUMBUS ZOO & AQUARIUM IS ONE OF THE TOP ZOOS IN THE COUNTRY, RATED THE BEST BY BESTIES READERS CHOICE.
Ohio Stadium, or better known as
“the Horseshoe”, is the 4th largest
stadium in the world.
The Columbus Metropolitan Library
has been rated a 5 star Library by the
Library Journal for 5 years running.
15
THE CINCINNATI METROPOLITAN AREA, WHICH INCLUDES 15 COUNTIES, HAS A POPULATION OF APPROXIMATELY 2.1 MILLION
2.1 MILLION
NEARLY $3.5 BILLION HAS BEEN INVESTED IN THE URBAN CORE OF CINCINNATI.
AOL REAL ESTATE RANKED CINCINNATI AMONG ITS TOP 10 CITIES FOR YOUNG PEOPLE.
10CINCINNATI IS HOME TO 10 FORTUNE 500 COMPANIES AND TWO FORTUNE 100 COMPANIES.
MORE THAN 300 COLLEGES AND UNIVERSITIES ARE LOCATED WITHIN A 200-MILE RADIUS OF CINCINNATI.
17
KPMG LLP RATED CINCINNATI THE MOST COST-FRIENDLY LARGE CITY FOR BUSINESS OUT OF THE 31 LARGEST U.S. CITIES
DAYTON'S METROPOLITAN AREA IS ABOUT 850,000.
In 2011 Dayton was rated
3rd in the nation for
excellence in Healthcare by
Premier Health Partners.
Cincinnati has 5 professional
sports teams including the
Cincinnati Reds and the
Cincinnati Bengals.
SOUTHERN OHIO
BY THE NUMBERS FORBES MAGAZINE NAMED CINCINNATI THE 5TH MOST AFFORDABLE METROPOLITAN AREA IN THE U.S., THE 9TH BEST CITY FOR RAISING A FAMILY, AND THE 9TH SAFEST CITY IN THE U.S.
#35
103.5BILLION
DAYTON IS HOME TO THE AIR FORCE MUSEUM, THE LARGEST FREE MUSEUM.
DAYTON HAS THE MOST INVENTIONS PER CAPITA OF ANY CITY IN THE NATION.
19
ENTREPRENEUR MAGAZINE NAMED CINCINNATI AN "UNEXPECTED HUB FOR TECH STARTUPS.”
SOUTHERN OHIO
FUN FACTS
CINCINNATI’S OKTOBERFEST IS THE SECOND LARGEST IN THE WORLD, ONLY TRAILING MUNICH, GERMANY.
OVER-THE-RHINE IS BELIEVED TO BE THE LARGEST MOST INTACT URBAN HISTORIC DISTRICT IN THE UNITED STATES.
CINCINNATI IS THE MIDWEST'S FASTEST GROWING LARGE ECONOMY ACCORDING TO THE BUREAU OF ECONOMIC ANALYSIS
Cincinnati is home to the second oldest
Zoo in the United States.
Dayton is one of the few cities to still
utilize an electric trolley system.
The first man to fly on the Moon, Neil
Armstrong, was born in Wapakoneta,
Ohio and died in Cincinnati, Ohio.
THE
VentureDinner
VENTUREOHIO’S ANNUAL GALA | #VENTUREDINNER
The annual VentureDinner is a celebration of Ohio’s thriving
entrepreneurial ecosystem. Last September, attendees from
across the state gathered at the Hilton in Downtown Columbus
to celebrate Ohio’s success over the past year. VentureOhio
honored four companies, Airway Therapeutics, Ahalogy,
Assurex Health, and TOA Technologies, as winners in their
respective financing and exit categories. Nineteen
outstanding companies were nominated for awards.
2015 WINNERSSEED-STAGE FINANCING OF THE YEARAirway Therapeutics
Nominees:
Eccrine Systems | OsteoNovus
Strap | ExpenseBot
EARLY-STAGE FINANCING OF THE YEARAhalogy
Nominees:
Enable Injections | Exacter
Tour de Force | GenomOncology
GROWTH-STAGE FINANCING OF THE YEARAssurex Health
Nominees:
Bravo Wellness | Minimally Invasive Devices (MID),
Print Syndicate | Vox Mobile
EXIT OF THE YEARTOA Technologies
Nominees:
CardioInsight | Explorys | Simbionix
21
THANKS TO OUR
SPONSORS
23
Growing an innovation economy isn’t just about building businesses – it’s about creating
a sustainable ecosystem where ideas, cultures, and capital thrive. This is something that
James (Jamie) Ireland III instinctively understood, which is why he dedicated his life and
career to furthering what he called the “Renaissance of Cleveland.”
After leaving Ohio to pursue his education, Jamie joined Salomon Brothers, Inc.
until returning to Cleveland in the early ‘90s. In 1993, he co-founded Capital One
Partners, which soon expanded to create Early Stage Partners (ESP), one of the first true
Series A funds in Northeast Ohio. Since 2001, ESP has raised two funds with over $100
million of capital under management. As one of the founding investors of Capital One
Partners, Jamie was a key founder of JumpStart, Inc. Cleveland’s premier entrepreneurial
services provider.
Jamie’s impact on his community transcends the investment world. A lifelong
advocate for Cleveland’s cultural rebirth, he served as chairman emeritus of University
Circle, Inc., president of the Musical Arts Association (Cleveland Orchestra), and
chairman of the Great Lakes Science Center. A leader to friends, family, colleagues,
and community alike, he was a true embodiment of what the Morgenthaler Lifetime
Achievement Award represents: an unwavering dedication to the furtherance of Ohio’s
entrepreneurial ecosystem.
MORGENTHALER LIFETIME ACHIEVEMENT AWARD WINNER
JAMIE IRELAND
Starting a tech company used to mean that you had to be in Silicon Valley. However, times are changing. There is a rising tide of investment activity in the Midwest and VentureOhio’s efforts to attract capital to the state are taking effect. There’s no better place to build a company. We’re on the ground floor of something great.
– Mark Kvamme, Drive Capital
25
Entrepreneurs no longer need to move their companies to finance the growth of their businesses; they can do it right here in Ohio. There is more capital being invested in early and late stage companies, with a growing number of fund managers from across the country finding great opportunities to invest in Ohio companies.– Rich Langdale, NCT Ventures
2015
INVESTMENT ACTIVITY
27
The total amount of reported angel and
venture capital investment in 2015 was $373M
in 167 companies; representing a 16% year-
over-year increase in dollars invested and 20%
decrease in the number of companies receiving
an investment. The data indicates that Ohio
investors concentrated more capital into fewer
companies in 2015, while still outpacing the
national trend. Nationally, there was a slowing
down of technology investment activity that
began in the second half of 2015. According
to the KPMG and CB Insights Q4 2015 Global
Venture Capital Report, national venture capital
deal activity fell for the second consecutive
quarter to its lowest total since Q4’11, down
22% versus the same quarter a year prior.
The 2015 VentureReport on Ohio Investment Activity results are
in. This special report provides summary results and analysis on
the venture ecosystem in Ohio. The report aggregates information
collected from VentureOhio’s annual survey distributed to
investors that are based in Ohio and those investing in the state.
The survey data is complemented with information reported
to Pitchbook, Crunchbase and the National Venture Capital
Association to capture the most complete data set available.
2015
INVESTMENT ACTIVITY
2015
$373M
167
$321M
210
2014YEAR:
DOLLARS INVESTED:
# OF COMPANIES:
INVESTMENTS BY STAGE OF DEVELOPMENT Increased investment activity in Ohio was
driven by increased investment into Early
Stage and Growth Stage companies in the
region, with investment into Seed/Startup
companies down in terms of total dollars and
number of companies receiving financing.
Investment into Seed/Startup companies
totaled $51M in 106 companies in 2015,
down 46% and 31% respectively versus 2014.
In contrast, investment into Early Stage
companies totaled $142M in 42 companies in
2015, with total dollars invested up 13% and
number of companies receiving financing
down 5% year-over-year. Investment into
Growth Stage companies in Ohio was
$180M in 19 companies, up 78% and 58%
respectively versus 2014.
Additionally, the mean deal size at
the Growth Stage was $9.47M, up 13%
year-over-year. The mean round size in
Early Stage companies was $3.38M, up 18%
year-over-year. In contrast, the mean round
size in Seed/Startup stage companies was
down 21%, from $0.6M in 2014 to $0.48M
in 2015. The shifting stage preference
may indicate that investors in the region
are finding more opportunities to make
investments at later stages as companies
in the region gain greater traction.
INVESTMENT AMOUNT BY STAGE$373 Million
NUMBER OF INVESTMENTS BY STAGE167 Ohio Companies
MEAN INVESTMENT AMOUNT BY STAGEStage 2015 2014 YOY
Seed/startup .48 .61 -21%
Early 3.38 2.86 18%
Growth 9.47 8.42 13%
0
20
40
60
80
100
120
140
160
180
51
94
142
126
180
101
Seed/StartupYOY: -46%
TOTAL2015: 373
20152014
EarlyYOY: 13%
GrowthYOY: 78%
2014: 321 YOY: 16%
0
20
40
60
80
100
120
140
160
154
106
4442
1219
Seed/StartupYOY: -31%
TOTAL2015: 167
20152014
EarlyYOY: -7%
GrowthYOY: 58%
2014: 210 YOY: -20%
TOTAL INVESTMENT INTO ANGEL AND VENTURE-BACKED COMPANIES
29
$296 $2412015 2014
CAPITAL AVAILABILITY (in millions)
INVESTMENTS BY INDUSTRY
Software/ IT companies received the highest level
of venture funding by sector, receiving $224M going
into 111 companies in 2015. Life Science companies
received $112M going into 27 companies in 2015.
Ohio is home to several world-class research
institutions that spend billions of dollars annually
developing innovations in Life Sciences, and several
of the largest recent exits in Ohio were in Life
Sciences. The data indicates that, although Ohio
is a hot bed of Life Science innovation, the sector
represents a significantly under-served market
opportunity for investment.
LIFE SCIENCE INVESTMENTBy StageBy Sector
By Sector By Stage
IT INVESTMENT
Software 41 Investments
Financial Services 4 Investments
Advertising, Media and Entertainment 8 Investments
IT Services 16 Investments
Business Products and Services 17 Investments
Medical Devices and Equipment 8 Investments
Biotechnology 19 Investments
TOTALS: Investment Amount
224.21M
Number of Investments
111
63.88M
62.29M
69.31M
13.25M
9.66M
5.82M
NUMBER OF INVESTORS In 2015, there were 106 total investors identified
that made investments into companies located in
Ohio. The number of active investors headquartered
in Ohio that made investments increased to 29 in
2015 from 18 in 2014. Also, we identified 77 investors
located outside of Ohio that made investments in
Ohio companies in 2015, up from 10 in 2013 and
1 in 2014. This increase is overstated as previous
VentureReports did not track out-of-state investors
at the company level and relied solely on survey
results. However, several leading investors located in
Ohio indicated that they proactively made efforts to
bring out-of-state investors into significantly more
deals in 2015 than in previous years. Additionally,
VentureOhio executed initiatives to attract investors
from outside the region, with several deals being
financed in 2015 as a result of those efforts.
29
77
2015
Ohio HQ
Ohio Presence/
Non-Ohio
# OF INVESTORS THAT MADE OHIO INVESTMENT
2015 INVESTOR BREAKDOWN
FUNDRAISING AND CAPITAL AVAILABILITYSeveral institutional venture and seed firms raised additional capital in 2015, and the amount of capital available
for investment in Ohio companies increased from $241M in 2014 to $296M in 2015. Additionally, there is indication
that the fundraising momentum is continuing in 2016, as our researchers identified nearly $500 million being
raised by investors in the first half of 2016. The Ohio Third Frontier Pre-Seed Capitalization Program has played a
critical role in fueling increased investment activity. In the past 6 months, the program has awarded $60M to fund
managers that raised matching capital from private investors to fund Ohio startups.
34.07M
78.23M
Healthcare/IT Services 25 Investments
0
5
10
15
20
25
30
35
14
32
10
16
3 4
Seed/Startup
2015 2014
Early Growth
TOTAL 2015: 27 2014: 52
0
20
40
60
80
100
72
88
2721
124
Seed/Startup
2015 2014
Early Growth
TOTAL 2015: 111 2014: 113
Total Investments By Sector
Life Science
IT
Other
TOTAL
27
111
29
167
$112.29M
$224.21M
$36.45M
$372.95M
Number of Investments
Investment Amount (In $ millions)
TOTALS: Investment Amount
112.3M
Number of Investments
27
31
OHIO INVESTMENT OPPORTUNITYIn spite of fundraising momentum in the region,
there remains a significant opportunity for venture
capitalists to invest in Ohio. Our researchers
conducted analysis on optimal funding levels to
provide quantitative insight into the opportunity.
Several methodologies were explored, including
analysis on VC investment dollars per capita
and research on the optimal level of annual VC
investment compared to total R&D spending in
the state of Ohio. The study concludes that the
minimum level of total annual VC investment into
Ohio companies is $1.5B. Given an annual capital
availability of $500 million, there is an estimated
$1B unmet opportunity for venture capital
investments in Ohio.
The benchmark for optimal annual VC investment
in Ohio was developed by estimating the amount of
capital needed for Ohio to be a Top 10 state for VC
investment dollars per capita, and then calculating
the level of funding needed for Ohio to be a best-of-
breed state in VC investment versus R&D funding.
The study estimates that VC investment in the region
would need to be increased from $22.67 per capita
to $120 per capita, and the VC-to-R&D ratio would
need to be increased from 4% to 16%.
For Ohio to reach full potential, funding mechanisms,
such as a statewide fund-of-funds, are being
explored to incentivize private investment and
encourage venture fundraising activity in the region.
Fast Fact
FORTUNE.COM CITES CLEVELAND AS ONE OF THE “10 BEST CITIES TO BUILD WEALTH.”
MEETING THE REGION’S INVESTMENT NEEDS WILL ENABLE OHIO TO BUILD A BEST-OF-BREED ECOSYSTEM FOR TECHNOLOGY COMMERCIALIZATION. ULTIMATELY, MEETING THIS OBJECTIVE WILL HELP DRIVE THE REGION’S ECONOMIC DEVELOPMENT GOALS BY EMPOWERING ENTREPRENEURS TO GROW HIGH PAYING JOBS, WHILE GENERATING WEALTH IN THE COMMUNITY.
STATESHARE OF VENTURE INVESTMENT RANK
(Q4'15)*
VC INVESTMENT PER CAPITA**
PER CAPITA RANK (2015)
VC-TO-R&D RATIO (2011)***
VC-TO-R&D RANK
California 1 1 1$874.58 16.11%
Massachusetts 2 2 2$856.57 14.22%
New York 3 3 3$315.89 13.08%
Illinois 4 13 10$84.23 4.82%
Ohio 18 29 13$22.67 4.18%
* Source: National Venture Capital Association
** Calculated using population data from US Census Bureau and investment data from National Venture Capital Association.
*** Calculated using most recent available data on R&D funding by all sources from the National Science Foundation versus
investment data from the National Venture Capital Association on VC investment activity that same year.
$121 16%
$1,405 $1,553
$400 $400
$1,005 $1,153
MARKET OPPORTUNITY ($ MILLIONS)
TOP 10 VC INVESTMENT PER CAPITA
BEST OF BREED VC-TO-R&D
RATIO
Best of Breed
Optimal Total Investment
VC Funding Available
Total Gap
There is an estimated $1B unmet opportunity for venture capital investments in Ohio.
THIS IS A GREAT TIME TO INVEST IN OHIO. IF YOU INTERESTED IN LEARNING MORE ABOUT INVESTMENT OPPORTUNITIES IN OHIO FUNDS OR COMPANIES, PLEASE EMAIL US AT [email protected]
33
COMPANY STAGE
DEFINITIONS
SEED/STARTUP STAGE
EARLY STAGE
GROWTH STAGE
INCLUDE FITNESS
$2.04MPROTEOSENSE
$1.7MCENTERLINE BIOMEDICAL
$1.7M
ENDOSPHERE
$4MCOMPLION
$3.2MCLEVELAND DIAGNOSTICS
$1.98M
CROSSCHX
$15MMINIMALLY INVASIVE DEVICES
$14.1MBLUE SPARK TECHNOLOGIES
$9MLISNR
$13.47M
EVERYTHING BUT THE HOUSE
$30MAVER
$13.6M
VIEWRAY, INC.
$60.7M
JUVENTAS THERAPEUTICS
$14.2MSURGICAL THEATER
$9M
NANOTRONICS IMAGING
$9.34M
ASSUREX HEALTH
$15M
SEED/STARTUPThe company has a product or service under
development, and in some cases the product
or service may be commercially available. The
company may or may not be generating revenue.
Investment rounds at this stage typically range from
$100,000 to $2 million.
EARLYThese companies typically have revenue beyond the
development stage, but are at least 12 months out
from generating positive cash flow. Investments are
usually made by early stage focused venture capital
funds and angel investors. Investment rounds at this
stage typically range from $2 million to $5 million.
GROWTHThese companies typically have revenue of
$5 million or more and are approaching or have
approached cash flow break even. Investments
are typically used to help the company accelerate
growth and their position in the marketplace.
Investment rounds at this stage typically range
from $5 million to $7 million.
To create this report, VentureOhio surveyed
members of the Ohio investor community to
gather information regarding 2015 venture
activity in the state.
The survey responses were augmented by
investment data provided by organizations
that track regional investment activity in Ohio.
The VentureReport methodology utilizes the
company stage definitions listed:
2015
TOP FINANCING
35
RECENT
EXITS
Over the past year, the following angel and venture-backed
Ohio companies achieved successful exits. These successes
are examples of the enormous potential of Ohio’s increasingly
vibrant entrepreneurial ecosystem, and a result of the
investment activity that has occurred over the last 10 years.
The combination of talented leadership and risk capital at
these companies created high paying Ohio jobs and delivered
attractive returns to their investors and employee shareholders.
ABEONA THERAPEUTICS, LLC Cleveland | 2015 Acquired by PlasmaTech Pharmaceuticals
for an undisclosed amount
BUSINESS BACKER Cincinnati | 2015 Acquired by Enova International Inc. for $27M
CARDIOINSIGHT TECHNOLOGIES, INC. Cleveland | 2015 Acquired by Medtronic for $93M
DNA DIAGNOSTICS CENTER, THE Fairfield | 2015 Acquired by GHO Capital Partners for $118M
DOTLOOP Cincinnati | 2015 Acquired by Zillow Group for $108M
EXPLORYS, INC. Cleveland | 2015 Acquired by IBM/IBM Health for an
undisclosed amount
FLEXLIFE HEALTH Cleveland | 2015 Acquired by LifeWatch for an undisclosed amount
HEALTH CARE DATA WORKS, LLC Cleveland | 2015 Acquired by Health Catalyst for an
undisclosed amount
MEDCITY MEDIA Cleveland | 2015 Acquired by Breaking Media for an undisclosed
amount
MOUND LASER & PHOTONICS CENTER Kettering | 2015 Acquired by Resonetics for an undisclosed amount
MOVABLE Brecksville | 2015 Acquired by DHS Group for an undisclosed amount
NATIONAL BIOCHEMICALS CORPORATION Twinsburg | 2015 Acquired by VWR International for an
undisclosed amount
OVERDRIVE Cleveland | 2015 Acquired by Rakuten, Inc. for $410M
Q2POWER Lancaster | 2015 Merged with Anpath Group for an
undisclosed amount
RADISPHERE Beachwood | 2015 Acquired by AmSurg Corp for an
undisclosed amount
RAPID MR INTERNATIONAL Columbus | 2015 Acquired by FASTRON Group for an
undisclosed amount
Fast Fact
BATTELLE, THE WORLD'S LARGEST CONTRACT RESEARCH AND DEVELOPMENT ORGANIZATION, AND THE OHIO STATE UNIVERSITY, THE THIRD LARGEST UNIVERSITY IN THE NATION, SPEND A COMBINED $6 BILLION IN RESEARCH ANNUALLY.
SUN PHARMACEUTICAL INDUSTRIES, INC. Bryan | 2015 Acquired by Nostrum Laboratories (Kansas City)
for an undisclosed amount.
TRADEX INTERNATIONAL Cleveland | 2015 Acquired by Cardinal Health for an
undisclosed amount
VIEWRAY Cleveland | 2015 Reverse merger with ViewRay Technologies
for $26.7M
X-SPINE SYSTEMS, INC. Miamisburg | 2015 Acquired by Bacterin International Holdings of
Montana for $88M
37
COMPANIES
TO WATCH
EACH YEAR, THE VENTUREREPORT HIGHLIGHTS A FEW PROMISING COMPANIES FROM AROUND THE STATE. THIS IS JUST A SNAPSHOT OF THE CALIBER OF COMPANIES BEING STARTED AND GROWN IN OHIO.
Based in Canton, Agile Networks (Agile) is changing
the landscape of telecom by providing broadband
services through an established hybrid network
using the strengths of both fiber and microwave
technologies. In less than three years, Agile has
established Ohio’s first and only statewide 1 Gig
network providing services to government, mobile
cell carriers, businesses, and residents, with service
offered in all 88 Ohio counties. Agile initially
deployed their mission-critical network infrastructure
to support public safety communications.
Understanding that first responders would depend
on their hybrid network in emergency situations,
Agile engineered The Agile Network to exceed
industry standards and performance requirements.
Today, the same commitment to excellence provided
to mission critical public safety communications is
being passed along to every customer.
Reliable and fast connectivity is rapidly becoming a
necessity for every individual and is a requirement
for economic development and business success.
Much of rural Ohio is starved for reliable connectivity,
and there is a lack of options for broadband services.
With the uniqueness of The Agile Network reaching
into both urban and rural markets, Agile has solved
the big problem of these polarized markets being
disconnected from each other. Agile has closed
the gap despite geographical challenges in rural
Ohio and is providing a statewide broadband
connectivity solution available in any situation. Agile
has built a reputation within the telecom industry
for establishing a solution that is scalable, and it
has ignited conversations of growth regionally
and nationally. Agile’s vision is to continue solving
big telecom problems that results in providing
connectivity that empowers individuals and
transforms organizations.
FOUNDED:
2010OHIO EMPLOYEES:
37CAPITAL RAISED:
$6.7 Million from Equity Investors
INVESTORS:
- Company Founders - Angel Investors - NCT Ventures
39
Based in Columbus, CrossChx was founded by
Sean Lane and Brad Mascho to fundamentally
change healthcare by building the first global
patient identity layer. In doing so, the company
is solving longstanding issues in healthcare and
creating opportunities for lasting impact, such as
increasing the life expectancy of patients by 10
years. To accomplish these monumental changes,
CrossChx is building the foundation on which patient
information can be collected and organized, helping
hospitals and health systems across the country
identify potentially dangerous patient profile errors
and duplicate patient medical records within their
existing database.
The current state of healthcare operates in
restrictive information silos, with every provider
or hospital a patient visits from birth collecting
patient data and maintaining it in an “intranet.”
The future CrossChx envisions is one in which
each patient’s health information is collected and
organized into a unique, universal ID, administrated
by the patients themselves: the internet of
healthcare. This solution would empower doctors
by providing a comprehensive patient profile, help
hospitals avoid costly and potentially harmful errors,
and protect patients from medical identity theft.
To date, CrossChx has partnered with more than
350 hospitals and health systems nationwide,
and created more than 50 million unique patient
IDs for healthcare.
FOUNDED:
2012OHIO EMPLOYEES:
100CAPITAL RAISED:
$35 MillionINVESTORS:
- Drive Capital - Silicon Valley Bank - NCT Ventures - Khosla Ventures - Moonshots Capital
T-Pro Solutions provides consumer packaged
goods (CPG) manufacturers with a suite of software
applications to more efficiently analyze and manage
their trade promotion investment in a “Software as
a Service” (SaaS) environment. As CPG
manufacturers grapple with incredible and growing
amounts of electronic data, their challenge is to
integrate and harmonize data silos so that they can
make better business decisions based on which in-
store promotions and incentives pay off and which
ones don’t.
According to Gartner, organizations using predictive
business performance metrics will increase their
profitability 20% by 2017. However today, only 31%
of business IT leaders have access to performance
metrics that identify key KPIs. With today’s
accelerated business cycles, business leaders are
seeing the need to make real-time optimization
adjustments. Leaders who do not apply predictive
measures to their business will risk failing to meet
critical business strategies. Therein lies T-Pro’s value
proposition. The company’s cloud based platform
integrates, automates and optimizes trade promotion
ROI making it easier to integrate any number of
intelligence silos, implement quickly and affordably,
and automate data updates and baselines.
Based in New Albany, T-Pro’s boasts an impressive
list of customers including Kellogg’s, Tree Top,
Ainsworth Pet Nutrition, and Sargento.
FOUNDED:
2014OHIO EMPLOYEES:
5CAPITAL RAISED:
+$1 Million
INVESTORS:
- Queen City Angels - Rev1 Ventures - Ohio TechAngels Funds - Angel Investors
41
Enable Injections was established in February
2010 in Cincinnati. Enable Injections develops
and manufactures devices that allow patient self-
administration of high volume/viscosity drugs.
Founded by Michael Hooven, Enable Injections is
taking part in a global race to figure out the best
way to deliver a multibillion-dollar category of
drugs called biologics, which are complex drugs
used as treatments for cancers, autoimmune, and
cardiovascular diseases.
The Enable Injector technology is a discreet body-
worn device that provides a comfortable injection
experience allowing the patient to continue with
normal daily activities. The Enable system is
designed to utilize any standard container
closure system, including a syringe or vial.
The idea originated from an invention from
Dr. Eric Wall, a surgeon at Cincinnati Children’s
Hospital Medical Center.
Enable has announced a number of significant
partnerships and recently completed the buildout
of it’s 41,000 sq. ft. Development and Manufacturing
facility in Evendale.
FOUNDED:
2010OHIO EMPLOYEES:
40+CAPITAL RAISED:
$13 MillionINVESTORS:
- CincyTech - Cincinnati Children’s Hospital Medical Center - Global Cardiovascular Innovations Center - Private investors
Akron-based 7signal develops innovative Wi-Fi
performance assurance and optimization solutions
that monitor, troubleshoot and optimize wireless
networks. The company’s mission is to improve the
Wi-Fi experience for end users by helping customers
achieve peak Wi-Fi performance and WLAN service
assurance in support of initiatives that help their
business grow, increase operational efficiency, and
elevate productivity.
The company was founded by a Finnish engineer
Veli-Pekka Ketonen, who previously worked for
mobile phone giant Nokia. Capital from the Akron
BioInvestments Fund, JumpStart and others have
helped the company grow aggressively, progressing
from three employees and one customer to over
20 total employees and more than 50 customers in
both the U.S. and Europe. The company boasts an
impressive customer list including Akron Children’s
Hospital, Miami University and Scott’s Miracle-Gro.
Recently, the company reported their bookings in
the fourth quarter of 2015 grew 165 percent over
the previous year’s numbers. Long-term, 7signal
is poised for growth by targeting hospitals, higher
education institutions and other large companies.
FOUNDED:
2011OHIO EMPLOYEES:
22CAPITAL RAISED:
$10 MillionINVESTORS:
- Allos Ventures - Mutual Capital Partners - JumpStart - North Coast Angel Fund - Ohio TechAngels - Akron BioInvestments Fund - CoreNetwork Fund - Queen City Angels
43
Casamatic, is a startup that uses data to help
people find their perfect home. Launched in
April 2015, co-founders Alex Bowman and Chris
Ridenour founded Casamatic after frustrating
experiences searching for homes based on
traditional, binary filters. Like its founders,
the company’s target audience is digital
native millennials.
Rather than searching for-sale homes on a map,
Casamatic asks users questions on what actually
drives homebuyer decision-making, such as
accessibility to yoga studios, coffee shops, in-laws,
and work commute. After learning about users,
Casamatic curates a listing of the best matches
and instantly connects them to real estate agents.
Building on its platform, the company is providing
content and information about neighborhoods to
feature on Casamatic’s website as well as content
for the startup’s blog, the Annex.
The company started at OCEAN Accelerator in
Cincinnati, Ohio, and launched its beta version in
April 2014. After joining The Brandery, the company
expanded into Chicago and has since expanded to
Dayton, Columbus, Charlotte, Phoenix, Nashville,
Raleigh, and Los Angeles.
FOUNDED:
2015OHIO EMPLOYEES:
5CAPITAL RAISED:
$1.1 Million
INVESTORS:
- Accelerant Dayton - The Brandery - OCEAN Accelerator - Angel Investors
Columbus and Cincinnati are both top 20 for tech talent and in the 94th percentile of total patent activity.
45
ENTREPRENEURIAL RESOURCES &
INVESTOR DIRECTORY
48 PUBLIC-PRIVATE PARTNERSHIPS
50 OUR PARTNERS IN VENTURE DEVELOPMENT
54 VENTURE CAPITAL & SEED INVESTORS
62 ANGEL GROUPS
68 ACCELERATORS & INCUBATORS
82 MEMBER DIRECTORY
47
The State of Ohio and the private sector have a strong
relationship, frequently working together to support
entrepreneurship and build a strong business climate in the
region where technology entrepreneurs can thrive, grow great
companies, and strengthen Ohio’s economy. Several multi-
billion dollar initiatives, including JobsOhio and Ohio Third
Frontier, have laid fertile ground and continue to fund and
support economic development efforts, fueling a burgeoning
innovation economy in Ohio.
PUBLIC-PRIVATE
PARTNERSHIPS
JOBSOHIOjobs-ohio.com
JobsOhio is a private non-profit corporation
designed to drive job creation and new capital
investment in Ohio through business attraction,
retention and expansion efforts. In collaboration
with state, regional, and local partners, JobsOhio in
2015 announced 330 projects with companies that
committed to create 23,602 new jobs for Ohioans
and invest $6.7 billion in new capital. The company
remains focused on strengthening partnerships and
executing strategies to help more companies achieve
long-term growth and success.
OHIO THIRD FRONTIER development.ohio.gov/bs_thirdfrontier/
The Ohio Third Frontier (OTF) is an economic
development initiative by the State of Ohio to
expand research and technology economic
development in the state. Initiated in 2002, the
OTF Commission executes the $2.1 billion project
through a long list of programs. Goals of the initiative
include: building a world-class research capacity,
supporting early stage capital formation and the
development of new products, and financing
advanced manufacturing technologies to help
existing industries become more productive. OTF
is committed to transforming the state’s economy
through the accelerated growth of diverse startup
and early stage technology companies. OTF provides
access to essential business assistance, capital and
talent resources, including funding to private-public
partnership Entrepreneurial Signature Programs
(ESPs) throughout the state of Ohio.
THE STATE OF OHIO HAS PLAYED A MAJOR ROLE IN LAYING THE FOUNDATION FOR TECHNOLOGY ENTREPRENEURS TO THRIVE. THE ECOSYSTEM WASN’T BUILT OVERNIGHT, AND WE’RE NOW SEEING THE RESULTS OF YEARS OF INVESTMENT AND CONCERTED EFFORTS TO MAKE OHIO THE BEST PLACE TO START AND SCALE A COMPANY.”
– JOHN MCILWRAITH, ALLOS VENTURES
"
49
CINTRIFUSEcintrifuse.com
City: Cincinnati
BIOENTERPRISEbioenterprise.com
City: Cleveland
Cintrifuse proactively links entrepreneurs with
strategic businesses, research institutions, mentors
and investors to help successfully launch high-
growth startups. The organization coordinates the
activities, resources and programs of the region’s
innovation ecosystem by connecting incubators,
accelerators, investment sources, organizations
and other resources to maximize information
sharing. Cintrifuse has harnessed three core
elements to develop a sustainable innovation
economy: Access, Place and Fund.
BioEnterprise is a business formation, recruitment,
and acceleration initiative designed to grow
bioscience companies. BioEnterprise’s founders and
partners are Cleveland Clinic, University Hospitals,
and Case Western Reserve University.
Additional technology partners include the NASA
Glenn Research Center, Cleveland State University,
and BioOhio. The initiative comprises the collective
activities of BioEnterprise and its partners
commercialization offices: Case Office of Technology
Transfer, Cleveland Clinic Innovations, and University
Hospitals Case Medical Center - Center for Clinical
Research. The combined efforts of these groups has
created, recruited, and accelerated more than 300
companies in 14 years.
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VENTURE DEVELOPMENT DAYTON TECH GUIDEdaytontechguide.com
City: Dayton
This "Hitchhiker's Guide" is an early step in building
a stronger tech & startup ecosystem and fostering
that culture here in Dayton, O. The guide will never
be complete because as the Dayton community
continues to grow and get stronger, this guide will
grow with it.
GREATER CINCINNATI VENTURE ASSOCIATIONgcva.com
City: Cincinnati
LAUNCH LEAGUElaunchleague.org
City: Akron
The Greater Cincinnati Venture Association (GCVA)
is a community-based organization focused on
delivering high-quality educational and promotional
programming for parties interested in early-stage
technology startups. GCVA puts on an annual Cash
Pitch competition where one local startup will walk
away with money to build their product to be ready
to receive a larger Angel or institutional Seed round.
Launch League is a founder led organization tasked
with making Akron the place to found and scale
a startup. The organization helps founders create
exceptional companies and specializes in helping
early stage startups acquire talent, funding, and
serves as a sounding board to raise awareness and
engagement with the community.
TEAM NEOteamneo.org
City: Cleveland
Team NEO is an economic development organization
focused on creating jobs for Northeast Ohio's
residents. In collaboration with its partners, it leads the
region’s business attraction efforts, supports business
retention and expansion work as Northeast Ohio’s
JobsOhio affiliate, and aligns strategies and resources
within the economic development network to maximize
its impact. In addition, Team NEO provides tools to
assist employers in attracting talent to the region.
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VENTURE DEVELOPMENT(CONTINUED)
OHIO VENTURE ASSOCIATIONohioventure.org
City: Cleveland
ANGEL CAPITAL ASSOCIATION (ACA)angelcapitalassociation.org
City: Overland Park, KS
OVA is committed to supporting an active regional
start-up and early-stage investment community
with a goal of enhancing its vibrancy through
education, leadership development, and networking
among entrepreneurs and investors and through
public communications of its ongoing capital and
venture successes.
The Angel Capital Association is the leading
professional and trade association supporting
the success of angel investors in high-growth,
early-stage ventures. ACA provides professional
development, industry voice, public policy
advocacy and an array of benefits and resources
to its membership of more than 240 angel groups
and platforms and more than 13,000 individual
accredited investors.
NATIONAL VENTURE CAPITAL ASSOCIATIONnvca.org
City: Washington, DC
As the voice of the U.S. venture capital community,
the National Venture Capital Association (NVCA)
empowers its members and the entrepreneurs they
fund by advocating for policies that encourage
innovation and reward long-term investment. As the
venture community’s flagship trade association, the
NVCA serves as the definitive resource for venture
capital data and unites its member firms through a
full range of professional services.
CNN Money considers Cleveland one of
“The Most Innovative Cities in America.”
53
EDISON PARTNERSedisonpartners.com
City: Cleveland
Edison Partners provides a support system that
embraces and empowers relentless execution and
learning for growth stage technology companies.
Initial investments, ranging from $5-$12 million, are
focused on businesses with $5-$20 million in revenue
and located in the eastern United States. Total
investments range from $8–$20 million.
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HOPEN LIFE SCIENCE VENTUREShopenls.com
City: Cleveland
Hopen Life Science Ventures invests in exceptional
early-to mid-stage life science opportunities. We
are very active in the Midwest, a market traditionally
under-served with capital. The firm’s team consists
of professionals with extensive senior leadership
experience in public and private life science
companies. Their team applies scientific and business
insights along with a proven resource network to
enhance the development of portfolio companies.
JUMPSTART, INCjumpstartinc.org
City: Cleveland
JumpStart Inc. is a non-profit organization
transforming the economic impact of entrepreneurial
ventures and the ecosystems supporting their
growth. JumpStart’s primary service is intensive
entrepreneurial development assistance delivered
to Northeast Ohio entrepreneurs leading high
potential, early-stage companies. JumpStart also
supports the growth and strengthening of Northeast
Ohio’s innovation and entrepreneurial ecosystem
by securing a continuous stream of resources
for entrepreneurs. In doing this work, JumpStart
also focuses on economic inclusion and activities
that increase the success of minority and women
entrepreneurs in growing high impact companies.
MUTUAL CAPITAL PARTNERSmutualcapitalpartners.com
City: Cleveland
Mutual Capital Partners (MCP) is a venture fund
investing in rapidly growing companies in the
healthcare (medical devices and diagnostics) and
IT (B2B and mobility software) sectors. Solving the
“Series A Gap” since 2004, MCP has focused on and
invested in the best Midwest venture companies.
MCP is committed to entrepreneurialism working
with entrepreneurs, angel funds, early stage funds,
and other venture funds to assist companies along
the capital continuum.
INNOVATION FUND AT LORAIN COMMUNITY COLLEGEinnovationfundamerica.org
City: Cleveland
Community colleges are ideal environments for
innovation and entrepreneurship. Innovation Fund at
Lorain Community College helps colleges leverage
their mission, partnerships, and capacity to launch
Innovation Funds. This fund provides entrepreneurs
the capital, mentoring and education they need to
launch and grow new companies, all while inspiring
the next generation of innovators.
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NORTHERN OHIO (CONTINUED)
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INNOVATION FUND NORTHEAST OHIOinnovationfundamerica.org/northeast-ohio
City: Cleveland
Innovation Fund Northeast Ohio is one of
the region’s most active pre-seed funds for
technology startups. The organization pairs
funding with intensive business mentoring to help
the most promising young companies grow. The
Innovation Fund’s founding partners are the Lorain
County Community College and its Foundation,
and is part of a national network of community
colleges that are providing technology-based
startup funding and mentorship.
PRIMUS CAPITALprimuscapital.com
City: Cleveland
Primus Capital takes a flexible investment approach,
seeking to create value-added engagements in
growth-oriented companies. The firm invests in the
healthcare, software/technology and technology-
enabled services industries with a specific focus
in healthcare IT, healthcare services, financial
technology, marketing technology, education
technology and human capital management.
RIVERVESTrivervest.com
City: Cleveland
ROCKET VENTURESrocketventures.org
City: Toledo
Rivervest focuses exclusively on innovations
in life sciences, a field in which our team has
significant research, clinical, operational and
investment expertise.
Rocket Ventures is an investment and entrepreneurial
services organization for high-tech, early-stage
companies in Northwest Ohio. Signed client
companies are eligible for funding consideration
and automatically access its professional team, who
provide unparalleled knowledge, assistance, and
track records of success in launching early-stage
tech companies.
THE CORENETWORK FUNDcorenetworkfund.com
City: Toledo
The CoreNetwork Fund is a Toledo-based early-stage
venture fund. CoreNetwork was started in 2003, the
current Fund was formed in 2014 to invest in top
companies from the Great Lakes-Midwest region
(Chicago to Pittsburgh), with a clearly defined path
to good growth and strong returns in a 4-5 year
time horizon. The firm seeks companies with strong,
experienced management teams, capital efficiency
and a demonstrated start to substantial growth.
Sector agnostic, the fund is primarily invested in
technology-based companies that strengthen the
core of their customers business with advanced
solutions and key problem solving applications.
57
DRAPER TRIANGLE VENTURESdrapertriangle.com
City: Columbus
Founded in 1999, Draper Triangle has invested in
many of the Midwest’s most successful startups.
DTVC partners with early stage companies to create
disruptive businesses in emerging markets including
software, robotics, and medical devices. Draper
Triangle is a proud member of the Draper Venture
Network, a robust venture collective bringing
together experienced investors and innovative
entrepreneurs from around the globe. Through
the network, members can leverage the collective
intelligence of 100+ investors with more than $3B
invested in 500+ ventures.
CENTRAL OHIO
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DRIVE CAPITALdrivecapital.com
City: Columbus
Drive Capital is a team of investors, entrepreneurs,
and operators that have been part of some of the
best companies in Silicon Valley, partnering with the
best entrepreneurs that want to build their businesses
using the competitive advantage of the Midwest.
They believe the Midwest is the best place to build a
business and has been investing in the Midwest since
2013. The firm works with entrepreneurs who are
building long-term, sustainable technology businesses
in large markets where they are solving a real problem
that can change an industry.
NCT VENTURESNCTventures.com
City: Columbus
NCT Ventures is a an early stage venture capital firm.
Over the last 20 years, NCT’s team has provided a
platform for entrepreneurs to succeed in turning
their ideas into profitable businesses through hands-
on operational support. NCT is focused regionally
on companies headquartered in Ohio and Detroit,
Michigan, and invests in entrepreneurs that are
addressing big market opportunities in Adtech,
Big Data, Enterprise Software, Health IT, Logistics,
Marketplace and Retail Technology.
REV1 VENTURESrev1ventures.com
City: Columbus
OHIO INNOVATION FUNDohioinnovationfund.com
City: Columbus
Rev1 Ventures helps entrepreneurs build great
companies. With the capital of a VC and the
connections of an accelerator, Rev1 supports startups
through the first phases of growth to increase
their probability of success. Rev1’s team of experts
leads an ongoing, data-driven process that ensures
entrepreneurs develop products people want, and
companies people need. Rev1 was named the Most
Active VC in Ohio in 2016 by CB Insights.
The Ohio Innovation Fund provides early-state
venture capital to Ohio's top emerging growth
companies. Investment areas of focus include SaaS,
cyber security, Big Data, Med Tech, and industrial
technologies, among others throughout the state.
The fund's two founding LP's are The Ohio State
University and OHIO University.
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ALLOS VENTURES allosventures.com
City: Cincinnati
Allos Ventures leads investments in early-stage
software and technology-enabled business service
companies, augmenting the capital provided by
founders and angel investors who have helped the
companies reach a stage at which they have initial
customers and are ready for their first institutional
financing round. Allos employs a hands-on approach
to venture investing and works closely with partner
companies to help them leverage the business-
building experience and resources of their team
and investors.
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CINCYTECH cincytechusa.com
City: Cincinnati
CincyTech’s mission is to be a trusted partner in
transforming ideas into high potential technology
and life science companies in Southwest Ohio. Our
team of seasoned investors and entrepreneurs
provides seed stage capital, hands-on guidance
and a network of connections to help startup
entrepreneurs build and grow great companies.
CincyTech has been investing in Southwest Ohio
since 2007 and is consistently ranked among the
most active seed funds in the Midwest. CincyTech’s
supporters include Ohio Third Frontier, Cincinnati
Children’s Hospital Medical Center, the University of
Cincinnati and the Cincinnati USA Regional Chamber.
RIVER CITIES CAPITAL FUNDrccf.com
City: Cincinnati
River Cities Capital Fund is a growth equity
firm investing in high-potential healthcare and
information technology companies. A consistent,
cohesive team has honed its strategy over five
funds with compelling performance. River Cities
seeks to be a business partner first and a capital
provider second, investing significant human capital
to leverage its domain expertise and a network of
thought leaders assembled over the last 20 years.
VINE STREET VENTURESvinestventures.com
City: Cincinnati
ZIEGLER LINKAGE LONGEVITY FUNDlinkageconnect.com
City: Mason
Vine Street Ventures is a venture capital firm
that invests in internet or mobile businesses.
Link•age Ventures is an investment firm interested
in investing in financially viable companies that
provide products, services or technology to the
aging marketplace. Link•age Ventures is a “hybrid”
firm in that it will invest in traditional venture capital
opportunities and more established companies that
fit its investment criteria. Link•age Ventures looks
to invest in companies that understand and can
leverage the Link•Age network of 600 senior living
communities and over 300,000 residents to grow
their organizations.
ATHENIAN VENTURE PARTNERSathenianvp.com
City: Athens
Founded in 1997 in partnership with the Ohio University
Foundation in Athens, OH, Athenian Venture Partners
is an established venture capital firm that invests
in early stage B2B technology, digital health and
healthcare companies. With its team of experienced
industry operators, Athenian takes an active
investment approach and works closely with company
management to provide business support and help
drive growth throughout the company life cycle.
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AKRON REGIONAL CHANGE ANGELS (ARCHANGELS) uakron.edu
City: Akron
Akron Regional Change Angels (ARCHAngels)
investment network provides a regional forum for
introducing investors to early stage high-potential,
market-driven, technology-based investment
opportunities. Expanded beyond the original
accredited investors and now including corporate,
entrepreneurial, and education components,
ARCHAngels provides capstone educational
experiences to as many as 150 entrepreneurial
students from six universities in Northeast Ohio at
the quarterly events sponsored by the University of
Akron Research Foundation.
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DRUMMOND ROAD CAPITAL about.me/drummondroad
City: Cleveland
Drummond Road Capital invests in software and
digital media companies. Over the past decade,
Drummond has invested in a diverse venture capital
and private equity portfolio. Drummond Road
Capital focuses on making 10 to 12 value-added seed
stage investments per year in software companies
participating in top national accelerator programs
like TechStars, 500 Startups, Y-Combinator, and The
Brandery. Drummond Road Capital, recognized as
one of the 100 most active startup investors in the
US, looks for entrepreneurs that combine big, game-
changing ideas with the tenacity, commitment, and
competitive fire necessary to turn those ideas into
profitable reality.
NORTH COAST ANGEL FUND northcoastangelfund.com
City: Cleveland
North Coast Angel Fund (NCAF) was founded in
Northeast Ohio in 2006 and now includes 200+
angel investor members. NCAF’s three angel funds
have deployed over $30 million in 40 Ohio-based
technology companies. Notable investments include
Assurex Health, Neuros Medical, Juventus Medical,
GenomOncology, Ahalogy, OnShift, StreamLink
Software, and DecisionDesk.
MILLSTREAM ANGEL CLUB
City: Findlay
Millstream Angel Club is a Findlay based group
of northwest Ohio angel investors who invest in
a variety of companies, from pre-revenue to very
established companies. The group focuses on
investments broadly across sectors from technology
to manufacturing businesses.
EASTERN OHIO
EAST CENTRAL OHIO TECH ANGEL FUND ecotaf.net
City: Eastern Ohio
East Central Ohio Tech Angel Fund (ECOTAF) has
an interest in investing in all types of companies
including opportunities that are technology-based
and also those firms that have developed competitive
advantages in other industries. ECOTAF invests in all
stages of a company's growth cycle. Members include
experienced entrepreneurs and business professionals
that assist portfolio companies by providing sales
prospects, introductions to potential management
team staff, and valuable mentoring advice.
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The Columbus Region is home to the nation's largest angel investor group.
OHIO TECHANGELS FUND rev1ventures.com/investments/techangel-fund
City: Columbus
Ohio TechAngels Funds (OTAF) is a group of for-
profit angel investor funds that invest in highly
promising early stage Ohio based companies in IT,
advanced materials, and life sciences. More than
340 high net-worth accredited investors contribute
to the funds, making it the largest angel network
in North America. Rev1 Ventures serves as the
managing member of each fund and provides key
administrative and entrepreneurial support.
X SQUARED ANGELS rev1ventures.com/investments/x-squared-angels
City: Columbus
X Squared Angels was founded in Columbus, Ohio to
demonstrate and promote the financial effectiveness
of gender diverse management business teams
through investment in their companies. X Squared
Angels invests primarily in high-potential early-stage
companies in IT, software, bioscience, advanced
materials, medical devices, and most other markets
located in Ohio as well as throughout North America.
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FOUNDERS FACTORY foundersfactory.com
City: Columbus
Founders Factory was established to help early stage
companies rapidly become viable and sustainable
businesses. Their team has a blend of what early
stage companies require: expedited angel funding,
agile technology development, lean acceleration and
world class mentors.
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Ohio is a top destination for innovative companies to locate.
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QUEEN CITY ANGELS qca.com
City: Cincinnati
KEIRETSU FORUM keiretsuforum.com
City: Cincinnati
The Queen City Angels (QCA) is a group of more
than 50 experienced, accredited investors who
provide funding, support, and guidance to early-
stage growth companies in the Cincinnati area and
surrounding region. QCA draws from the personal
entrepreneurial experience and the business acumen
of its members (which include former C-level
executives and entrepreneurs) to return above-
average profits to the State of Ohio and other
investors, attract additional talent to Ohio, create a
substantial impact on the overall economic viability
of the region, commercialize technology which might
otherwise have been lost, and support and nurture
angel investing throughout the state by collaborating
with other established angel groups through ACA
(Angel Capital Association) Ohio.
Tri-State chapter founded in 2016, Keiretsu Forum
is the world's largest Angel Investor. With 46
chapters and 2600 investors around the world
Keiretsu Forum will share its vast resources with
the Southern, Ohio region.
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AKRON GLOBAL BUSINESS ACCELERATORakronaccelerator.com
City: Akron
The Akron Global Business Accelerator, an initiative
of the City of Akron, Ohio, is home to one of the
country’s top performing technology business
incubators. It is an entrepreneurial community
that focuses on technology-based startups and
early-stage companies in diverse fields, such
as biomedical, energy, advanced materials, IT,
instruments, controls and electronics.
BIOMOTIV, LLCbiomotiv.com
City: Cleveland
BioMotiv is the mission-aligned development
company of The Harrington Project for Discovery and
Development. The Harrington Project, launched by
University Hospitals (UH), is a first-of-its-kind $250
million initiative that promises to revolutionize how
new breakthrough drugs are advanced to market. By
aligning the upstream efforts of the recently created
UH Case Medical Center’s Harrington Discovery
Institute with the downstream development efforts
of BioMotiv, The Harrington Project seeks to
accelerate the therapeutic innovation process for the
benefit of patients globally.
BRAINTREEbraintreepartners.org
City: Mansfield
The Braintree Business Development Center is
a non-profit regional entrepreneurial assistance
organization (often called a business incubator)
supporting small businesses in Northeast Ohio. Since
1986 over one hundred start-up companies have
found their first home with Braintree. The Center
focus on advanced manufacturing, alternative
energy, information technology, bioscience, and
agriculture/food processing.
CLEVELAND CLINIC INNOVATIONSinnovations.clevelandclinic.org
City: Cleveland
Cleveland Clinic Innovations (CCI) is the
commercialization arm of Cleveland Clinic. CCI turns
the breakthrough inventions of Cleveland Clinic
employees into patient-benefiting medical products.
The creation of new business opportunities allows
CCI to deliver Cleveland Clinic’s unique capabilities
into the commercial market, while aiding in the
economic growth of Northeast Ohio and beyond. CCI
facilitates an inclusive entrepreneurial environment
where invention is fostered as an activity in which
all can participate. CCI’s comprehensive approach
includes sophisticated deal teams, domain experts,
investment funds, executives-in-residence, allied
investors, seed and technology validation funds,
incubation, preclinical and prototype facilities—all
poised to create companies and commercially deploy
new medical technology.
FLASH STARTSflashstarts.com
City: Cleveland
Flashstarts is a Cleveland-based business startup
accelerator and venture fund focused on unique and
innovative uses of software and technology. Flashstarts
provides the resources, capital and guidance necessary
to support the earliest stage entrepreneurs.
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THE INCUBATOR AT MAGNETmanufacturingsuccess.org
City: Cleveland
The mission of MAGNET, the Manufacturing
Advocacy & Growth Network, is to support, educate
and champion manufacturing in Ohio with the
goal of transforming the region’s economy into
a powerful, global player. MAGNET is a nonprofit
organization dedicated to helping manufacturers
compete and grow under the leadership of
a board of directors who reflect the breadth
of manufacturing in the region. Working with
MAGNET does not require membership; instead, the
organization is open and available to help with any
manufacturer in the region.
GLIDE AT LORAIN COMMUNITY COLLEGEglideit.org
City: Cleveland
The Great Lakes Innovation and Development
Enterprise (GLIDE) helps Northeast Ohio
entrepreneurs wrap sound business practices
around great business ideas. GLIDE's experienced
Entrepreneurs-in-Residence provide professional
business assistance to companies at every stage of
development and connect entrepreneurs with the
tools and resources they need to succeed.
NDI HEALTHCARE FUNDndimedical.com
City: Cleveland
(Neuro Device Innovations (NDI) is a hybrid
venture capital and commercialization firm
focusing exclusively on innovative neurodevice
technologies. NDI pursues, funds and develops
opportunities that address unmet clinical needs
with the potential to provide significant returns to
its investors. NDI is focused on the worldwide market
for neurodevices, such as stimulators, leads, surgical
equipment and software.
SEA CHANGEseachangeohio.org
City: Cleveland
SEA Change (social enterprise accelerator) is a
collaborative initiative that provides coaching,
connections and capital to people who have big
ideas to improve their community and self-sustaining
ways of doing so by selling goods and/or services.
SEA Change is operated collaboratively by a mix
of existing organizations who bring expertise in
launching, supporting and financing start-ups,
advancing non-profits and engaging the community.
YOUNGSTOWN BUSINESS INCUBATORybi.org
City: Youngstown
The Youngstown Business Incubator leverages its
entrepreneurial expertise and resource network to
meaningfully impact technology-based economic
development and community wealth. The incubator
facilitates the creation of high-value businesses
through collaborative partnerships that promote
innovative technologies.
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INNOVATE NEW ALBANYinnovatenewalbany.org
City: Columbus
Innovate New Albany is the city’s incubator for
technology startups, entrepreneurs and small
businesses. From venture capital to human capital,
Innovate New Albany enables business startups to
access and leverage an unmatched level of resources
to power growth. It is a one-stop shop where
government, area businesses, venture capitalists,
and private agencies come together to provide
the guidance, expertise, and services that new
businesses need to succeed.
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LUMOS INNOVATIONlumosinnovation.com
City: Columbus
Lumos brings community, technology,
entrepreneurship and corporate brands together into
Ohio's newest collaborative ecosystem. The Lumos
Accelerator provides founders from idea to seed
stage with access to funding, space, mentorship and
in-kind services to help them grow to become the
next disruptive company.
WOMEN SMALL BUSINESS ACCELERATORwsbaohio.org
City: Columbus
DUBLIN ENTREPRENEURIAL CENTERdecindublin.com
City: Dublin
The Women's Small Business Accelerator is
a non-profit organization with a mission to
help all women business owners, regardless of
net worth or education level, achieve their business
ownership dreams through empathy, mentoring,
and education. The organization provides a variety
of business resources including mentors and other
support services.
The Dublin Entrepreneurial Center is a vibrant,
energetic community of businesses working
synergistically to advance ideas and technologies.
The DEC concept also transcends the walls of
the physical space that encompasses the Dublin
Entrepreneurial Center. There are many partners and
collaborators who have a virtual presence at the DEC
by means of “jellies,” free advice, special events and
social media.
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BAD GIRL VENTURESbadgirlventures.com
City: Cincinnati
Bad Girl Ventures (BGV) is an educational and
micro-finance, non-profit organization dedicated to
inspiring and supporting female entrepreneurs in key
areas of their business. BGV enables bold women
to start and sustain well-managed and profitable
businesses through business education classes,
guidance from mentors and coaches, and access to
debt capital. BGV also offers co-working office space
at its Cincinnati location.
ACCELERANT DAYTONaccelerantdayton.com
City: Dayton
Accelerant's portfolio consists of high-growth
technology companies that receive dedicated,
hands-on assistance from Accelerant's team of
experts. Representing a broad range of business
models and stages of development, the Accelerant
portfolio offers investment opportunities for
organizations, foundations, corporations, venture
funds, and strategic investors.
DIFFERENTIALdifferential.com
City: Cincinnati
Serving as a trusted co-founder, Differential employs
lean startup methodologies to power design,
development and marketing. Differential was
created to help solve the early co-founder problem.
Entrepreneurs have historically had two options for
launching a tech startup: find a technical co-founder,
or hire an agency. The first is very hard and the
second is expensive and risky because most agencies
are used to working with big brands. Differential
partners with early stage startups to design, develop
& launch their MVP—in some cases working for
partial equity. By taking their "upside" in equity,
Differential ensures long-term interests are aligned.
THE BRANDERYbrandery.org
City: Cincinnati
The Brandery is a seed-stage startup accelerator
that leverages the unique presence of branding,
marketing, and design expertise in the Cincinnati
region, and believes that building a brand, and
not just a product, is a way startups can be more
resource-efficient and increase their probability
of success. In addition to an elite mentor network,
startups get paired with world-class creative
agencies and have unrivaled access to some of the
biggest companies in the world, include Procter
& Gamble and Kroger. The Brandery runs one
four-month accelerator program each year for 10
companies; in exchange for a 6% equity stake, each
startup receives $50,000, a year of free office space,
and over $200,000 in additional benefits. To date,
the Brandery has seen 56 companies graduate and
go on to raise more than $130 million in capital, while
creating more than 200 jobs, a number of which
have stayed in Cincinnati.
OU INNOVATION CENTERohio.edu/research/innovation/
City: Athens
The Innovation Center provides valuable business
incubation resources to fuel the economy in Athens,
Ohio and surrounding regions. Created in 1983,
the Ohio University Innovation Center was the
first university-based business incubator in the
State of Ohio and just the 12th in the United States.
The current 36,000 square foot facility, which
opened in 2003, is now home to 19 prospering
member companies.
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FIRST BATCHfirstbatch.org
City: Cincinnati
First Batch is the nation’s only business accelerator
dedicated to physical products and local
manufacturing. As the #1 manufacturing region in the
#3 manufacturing state, Cincinnati is the ideal place to
develop, manufacture, and market physical products.
Participants have inventory, sales, and revenue upon
completion of the program. Winners of First Batch's
annual spring competition occupy a 10,000 square
foot Over-the-Rhine workspace for a five-month
residency that provides design, manufacturing, and
operating expertise, plus mentors, funding, and the
knowledge needed to help create successful products
and run sustainable businesses.
HAMILTON COUNTY BUSINESS CENTER, INChcdc.com
City: Cincinnati
Established in 1983, HCDC, Inc., formerly Hamilton
County Development Co. Inc., helps build businesses
and promote job creation in 3 simple ways: businesses
incubation, business lending, and economic
development services. Born out of a need to create
jobs to counter a shrinking manufacturing sector,
HCDC has nurtured over 300 resident companies,
financed over $1 Billion in projects and helped attract
and create tens of thousands of local jobs.
MINORITY BUSINESS ACCELERATORcincinnatichamber.com
City: Cincinnati
The Minority Business Accelerator is the flagship
economic development initiative of the Cincinnati
USA Regional Chamber focused on growing sizable
minority firms. The MBA's mission is to accelerate the
development of sizable minority business enterprises
and strengthen and expand the regional minority
entrepreneurial community. The MBA works with
regional companies to increase their utilization of
and spending with local minority owned businesses
by helping them identify and connect with local
minority suppliers who can meet specific needs for
products and services.
UPTECHuptechideas.org
City: Cincinnati
The Uptech accelerator program provides resources
for data-driven startups that are developing tech-
enabled solutions and seeking equity funding.
Up to 10 startups go through the 5+1-month
accelerator program annually, driven by intensive
entrepreneurship education, one-on-one mentoring,
and extensive community involvement.
OCEANoceanaccelerator.com
City: Cincinnati
OCEAN is a startup accelerator with a unique
program that takes into account the spiritual,
relational, physical, intellectual, and financial assets
of entrepreneurs. OCEAN accelerates founders into
the marketplace with skills that are uniquely tethered
to faith. Each year, OCEAN accepts up to 12 tech
startups to navigate a curriculum that is reinforced
by an active and diverse mentor pool of 100+
experienced men and women. This message seems
to be resonating to individuals around the world, as
OCEAN has seen over half of applicants come from
outside the US. The inaugural class, who made their
pitches in front of an audience of 1,500 at Demo Day
with an additional 10,000 downloads, has raised over
$4 million in capital, and created almost 50 jobs.
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We've built a foundation for the future. Top talent without the Silicon Valley price.
SF
Why Venture into Mason?
1675K
400
Growth CompaniesNurtured
Supported Tech &Innovation Space
Jobs Created Directly by Growth Companies
$
Venture Capital Attracted byMason Co’s
$78M
The City of Mason is Elevating scalable companies through P3 partnerships. Learn more at www.whymason.com.
TECH ELEVATORAt the Top of Tech Innovation
Precision medicine for personal wellness.™
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PHOTO
CREDITSTARTUP STORYTELLERS
Photo provided with permission by Startup
Storytellers; Taken by Stephen Takacs. All
Rights Reserved.
GLIDE Photos taken by Ron Jantz of Lorain County
Community College. All Rights Reserved.
THE BRANDERY | DEMO DAY Photos taken by Zackariah Cole.
All Rights Reserved.
W e b u i l d b u s i n e s s e s o n t h e w e b
48+ 3$25.5MILLION
“THE OHIO THIRD FRONTIER AND ITS PRIVATE SECTOR PARTNERS HAVE INVESTED NEARLY $500 MILLION IN THE LAST FIVE YEARS TO ACCELERATE THE PROGRESS OF OHIO HIGH-TECH STARTUP ENTREPRENEURS. OHIO IS PROVING THAT PUBLIC-PRIVATE PARTNERSHIPS WORK AND THAT EVERY OHIO COMMUNITY CAN DIRECTLY BENEFIT FROM THESE EFFORTS. I’M PROUD THAT JUMPSTART AND OUR PARTNERS ARE TAKING STEPS TO ENSURE THAT DIVERSE OHIOANS OF ALL RACIAL AND ECONOMIC BACKGROUNDS ARE INCLUDED IN THE GROWTH OF OUR INCREASINGLY VIBRANT INNOVATION ECONOMY.”
– RAY LEACH, JUMPSTART INC.
www.cincinnatichildrens.org/innovation
LEADING,INNOVAT ING & COLLABORATINGto improve child health, here and around the world.
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MEMBER
DIRECTORY
CHARTER MEMBERSCalfee Halter & Griswold
Keating Muething & Klekamp PLL
Ohio Capital Fund
Ohio Venture Association
River Cities Capital Funds
FUNDSAdvantage Capital
Allos Ventures
Arsenal Venture Partners
Athenian Venture Partners
Cintrifuse
CincyTech
Detroit Venture Partners
Draper Triangle Ventures
Drive Capital
Glengary LLC
Hopen Life Science Ventures
IKOVE Capital
JumpStart Inc.
Mercury Fund
Mutual Capital Partners
NCT Ventures
Ohio Innovation Fund
ProMedica Innovations
Rev1Ventures
TECHGrowthOhio
The CoreNetwork Fund
ANGELSNorth Coast Angel Fund
Ohio TechAngel Fund
Queen City Angels
INCUBATORS/ACCELERATORSBioEnterprise
BioMotiv, LLC
The Brandery
The Incubator at MAGNET
COMPANIESAssurex Health
Cleveland Heart Lab
CoverMyMeds
DocHalo
DOMedia
Market6
Neuros Medical, Inc
NineSigma
OnShift, Inc
SERVICE PROVIDERSBarnes & Thornburg
Britton Gallagher
Ernst & Young
QStart Labs
Thompson Hine
Ulmer & Berne
Vorys, Sater, Seymour
and Pease LLP
Jones Day
LARGE CORPORATIONS AND FINANCIAL INSTITUTIONSAEP Ohio
Fifth Third Bank
Key Bank
Navidar
NOT FOR PROFIT RESEARCH & OTHER INSTITUTIONSCincinnati Children’s Hospital
Medical Center
University of Toledo
Cleveland Clinic Innovations
Interact for Health
Ohio University
University of Cincinnati Research
Institute
MUNICIPALITIESCity of Mason
INDIVIDUAL MEMBERSLisa Delp
Lora D’Souza
John Huston
Parker MacDonell
Barry Rosenbaum
Jacqueline Samuel
Gordon Schorr
Adam Winter
Zachary Lawrence
VentureOhio appreciates the support of its members; each playing an integral part in the health of the entrepreneurial ecosystem.
DESIGN OF THIS REPORT BY:
zocodesign.com
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VENTUREOHIO.ORG
GENEROUSLY SPONSORED BY:
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