The Cleveland Health-Tech Corridor said it has teamed up with JumpStart Inc. to launch a $2 million investment and attraction fund to provide financial capital for businesses willing to move to the corridor district that links downtown and University Circle.
The HTC Fund has investments from the city of Cleveland, the Cleveland Foundation, Ohio Third Frontier and several private investors, according to a news release from the Health-Tech Corridor. It’s available “to entrepreneurs seeking capital to get their businesses off the ground and restricted to businesses currently outside of the HTC who are willing to relocate their business within its boundaries,” according to the release.
Companies seeking investment from the fund “must have a unique or breakthrough idea, have a large ($1 billion+) addressable market, have exit potential and demonstrate excellence in their field,” the release stated.
“With this fund, we are able to offer millions in investment to companies with extraordinary promise, whose successes will have a domino effect in the area,” said Health-Tech Corridor director Jeff Epstein in a statement. “Because of the diversity of companies within the (corridor), businesses are breaking down traditional barriers, and the results are breakthrough ideas from unique collaborations.”
The HTC Fund is a part of Jumpstart’s Evergreen Fund, which Jumpstart CEO Ray Leach in the news release characterized as “investment in companies that are of the highest potential and represent innovative thinking and balance.”
For information or to apply for funding, go here.