A company that aims to help muscular dystrophy patients get stronger has become the first business to get an investment from both JumpStart and Rev1 Ventures.
Why is that interesting? JumpStart was founded to help entrepreneurs in the Cleveland area, and Rev1 has a similar mission in Columbus.
But in this case, the two state-funded organizations decided to back the same company: Milo Biotechnology.
The gene therapy company is based in Cleveland, but it licensed its technology from Nationwide Children’s Hospital in Columbus and has conducted clinical trials there.
“Milo Biotechnology is a perfect example of a startup that is headquartered locally but thinks bigger than one specific city or region,” JumpStart CEO Ray Leach stated in a news release announcing the deal. “With this in mind, it’s only natural for JumpStart and Rev1 to do the same. That’s why we’re working across our respective territories to help this company succeed any way we can.”
The organizations didn’t say how much they invested, but the money came from JumpStart’s nonprofit Evergreen Fund and Catalyst Fund LLC, which includes capital from the hospital, the Ohio Third Frontier economic development program, Ohio State University and Rev1, which manages the fund, according to Rev1’s website.
Read the full story at Crain’s Cleveland Business.