CINCINNATI - Cincinnati-based CincyTech has another $10.9 million to invest in local, technology-based startup companies.
CincyTech has closed on CincyTech Fund III, LLC, its largest fund to date. It combines $5 million from the Ohio Third Frontier and $5.9 million that CincyTech raised from Southwest Ohio individuals and organizations.
“It gives us the fuel that we need to continue to invest in companies that will create jobs and wealth,” CincyTech President Bob Coy said of the new fund. “It enables us to keep our momentum going.”
Eight local institutions and 51 individuals have committed to invest in the fund, according to CincyTech. Those include: Castellini Foundation, Cincinnati Children’s Hospital Medical Center, The Christ Hospital, The Greater Cincinnati Foundation, and the Health Foundation of Greater Cincinnati
So far, CincyTech has invested $15.3 million in 43 companies. Those companies have created 390 jobs and have gotten $228.2 in additional investment.
CincyTech is a seed stage investment fund that aims to stimulate the growth of local IT and bioscience companies.