Ohio Governor Mike DeWine, Lt. Governor Jon Husted and the Ohio Department of Development have made a landmark investment in Ohio’s tech economy by announcing $86 million in funding awarded to venture capital funds across the state. JumpStart and JumpStart Ventures received $35 million, which will catalyze over $70 million in funding for innovative startups when leveraged against privately raised match capital.

“The opportunity this federal funding provided is unique, and I am so grateful to the State of Ohio that they have recognized JumpStart’s value by awarding these funds to our management,” said Julie Jacono, JumpStart and JumpStart Ventures CEO. ” This infusion of capital will allow us to expand our collective pool of venture capital to strengthen Ohio’s position as an innovation hub.  Venture Funds enable us to seek and partner with visionary founders, attracting new talent and ideas to Ohio to build a flourishing technology ecosystem that benefits everyone.”

This initiative, part of the federally funded State Small Business Credit Initiative (SSBCI), will bring substantial venture capital access to Ohio’s most promising startups and pave the way for a more robust and diverse entrepreneurial ecosystem statewide. The initiative is strategically designed to support businesses in key sectors vital to Ohio’s growth, including healthcare, manufacturing, and IT technologies.

The $86 million in loan-based capital will be distributed to 11 investment funds under the Ohio Venture Fund and Ohio Early Stage Focus Fund; four of these funds are managed by JumpStart Ventures:

• Focus Fund II: $5 million to fast-track capital access for startups led by women and founders of color specializing in software and medical technology.
• NEXT Fund III: $10 million will bolster high-potential tech businesses in critical sectors such as software applications for business and healthcare.
• Evergreen Fund IV: $10 million to invest primarily in business, healthcare software applications, and advanced manufacturing.
• Ohio Life Sciences Fund: $10 million to support the growth of Ohio’s most promising life sciences companies, aiming to solidify the region’s status as a healthcare innovation hub in the Midwest.

JumpStart Ventures currently has $140 million under management across four unique funds; this new capital will bring the organization’s assets under management to over $200 million to fund Ohio-based, early-stage startups while producing a ripple effect of economic impact through jobs, revenue and tax contributions as they grow and succeed.

JumpStart Ventures, through its synergistic partnership, manages JumpStart’s impact-driven funds: EverGreen and Focus. The two organizations leverage collective expertise to deliver comprehensive services to tech startups, ensuring a cohesive approach to venture capital that supports high-growth companies with capital and venture studio services. This integrated investment strategy is designed to build stronger, more resilient companies, driving economic growth and innovation across the state.

“We are grateful to our partners at the State of Ohio for bringing federal SSBCI funding to early-stage technology startups in Ohio,” said JumpStart Board Chair Jeanne Coughlin. “This announcement arrives at a pivotal time for JumpStart as we welcome our new CEO, bolster our venture capital efforts and dive into a new, strategic chapter. The investment will advance our work to drive transformational economic growth through returns generated by JumpStart Ventures and, through the Focus Fund II, drive more investments in high growth companies led by women and founders of color.”

About JumpStart Ventures
JumpStart Ventures, a key subsidiary of JumpStart Inc., actively invests in Seed and Series A-stage technology startups with a significant impact on Ohio. As one of the state’s most proactive seed-stage investors, it manages four investment funds, fueling startup growth through strategic capital, valuable connections, and partnerships with other venture capital funds across Ohio. These funds are the result of unique public-private investments that when combined, help companies access capital and thrive in Ohio. JumpStart Ventures partners with startups and other Venture Capital funds to ensure capital access and services for Ohio companies. As one of Ohio’s most active seed-stage investors, the organization’s investment activities have generated 2.5X+ returns-to-date via nationally recognized exits.

About JumpStart Inc.
JumpStart Inc., a nationally recognized venture development organization, drives economic growth and job creation across a 44-county region in Ohio by catalyzing the potential of startups and entrepreneurs. Through initiatives like the Entrepreneurial Services Program (ESP) and collaborations with various stakeholders, JumpStart Inc. delivers expert advisory services and has achieved substantial economic impacts over the past two decades. To learn more, visit JumpStartInc.org.