This is an exciting time at CincyTech, fueled by the close of our newest fund, which we announced in mid-April.
CincyTech Fund IV is a $30.75 million seed fund, combining $20.75M of private investment raised by CincyTech, primarily from regional investors, with a $10M Ohio Third Frontier loan. This will enable CincyTech to invest in approximately 25 high potential software and life science companies in Southwest Ohio.
Fund IV exceeds CincyTech's previous three funds combined, both in terms of capital raised, and also in terms of the number of participants: 79 individuals and 12 institutions including Cincinnati Children's Hospital Medical Center, The Castellini Foundation, The Greater Cincinnati Foundation, Interact for Health, Western & Southern Financial Group, and UC Health.
"This broadening base of community investment in Fund IV demonstrates confidence in the companies we are helping to build, and interest in the entrepreneurial potential of our region," said CincyTech president and CEO Bob Coy.
With a larger fund and a growing network of co-investors, CincyTech can support companies from concept to early stage growth.
"Experience shows that companies in the Midwest are often required to clear a higher bar to attract venture capital. A larger fund allows CincyTech and our regional co-investors to support our most promising companies to clear that hurdle," said Mike Venerable, Managing Director of CincyTech. "We continue to see great deal flow in our region and the new fund allows us to partner with talented founders and institutions to build the next wave of companies to emerge from our corner of Ohio."
CincyTech was built on the belief that our corner of Ohio- rich in ideas and industriousness- is fertile ground for entrepreneurs, and that a robust source of seed capital could help to transform it. Three funds and $25.5 million in investment later, the companies in our portfolio have created and retained more than 800 jobs, generated $194 million in revenues, and attracted more than a half billion dollars in co- and follow-on investment to the region.
We are grateful to our partners and investors for supporting our mission, to our fellow organizations in Cincinnati's startup ecosystem, and to the founders and entrepreneurs who are building great companies right here in Southwest Ohio. We are excited to find out what Fund IV helps make possible here.
INTRODUCING CHIEF FINANCIAL OFFICER
ASHLEY KEATING
We're pleased to welcome Chief Financial Officer Ashley Keating to the CincyTech team.
Ashley brings a decade of experience in finance, operations, business leadership and mergers & acquisitions at PwC. She began her career in PwC's Cincinnati office in audit services and transaction services, then moved on to posts in the company's New York and London offices. Over her career at PwC, Ashley acquired a wealth of M&A experience and a multifaceted understanding of the deal and investment processes.
