JumpStart once again has money to invest in high-tech startup companies.
With $12.5 million in fresh state funding, the nonprofit is bringing back its original investment fund, which has been out of cash for a few years now. It’s also ready to launch another fund that will target tech startups led by women and minorities throughout Ohio – as well as those willing to move to the state.
Those funds both will receive $5 million through the Ohio Third Frontier economic development program.
The Third Frontier Commission also awarded $2.5 million to help JumpStart launch a new for-profit investment fund that will target more mature tech startups; the organization expects to finish raising capital for that fund over the next three months, said JumpStart CEO Ray Leach.
Read the full story from Crain’s Cleveland Business.