Story excerpt provided by MedCity News
Written by Deanna Pogorelc
Despite the recession, venture capital investing in Northeast Ohio showed significant growth from 2007 to 2011 over the previous five years.
A big-picture look at venture capital deals in the region over the past five years found that Northeast Ohio tech-based companies raised $961 million from venture capitalists and angel investors between 2007 and 2011. That’s a 133 percent increase in the number of deals and a 26 percent increase in the number of dollars raised over the previous five-year period.
The new data comes from information collected from investors by BioEnterprise and JumpStart Inc. and compiled in the 2007-2011 Greater Cleveland Venture Capital Overview, published by the Northeast Ohio Venture Capital Advisory Task Force.
But the percentage of those dollars going to healthcare companies doesn’t seem to have gone up recently. A 2009 report compiled by JumpStart, BioEnterprise and NorTech found that two in three VC dollars put into Northeast Ohio companies from 2005 to 2009 went to the healthcare industry. The 2007-2011 report notes that 61 percent of VC dollars went to healthcare companies, primarily medical devices ($243 million) and healthcare services and IT ($265 million).
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