According to reports, the funds, called the Ohio Early Stage Focus Fund and the Ohio Venture Fund, have been designed to boost early-stage capital investment in Ohio tech companies.
The Ohio Department of Development said the Early Stage Focus Fund will provide capital to investment funds to support early-stage businesses that are woman or minority-owned or based in an area that has been underserved by venture capital.
Details currently available suggest that companies and investment firms can apply for between US$1 million – $5 million of the more than $36 million available from the Ohio Early Stage Focus Fund.
Meanwhile, the Ohio Venture Fund will provide capital to support Ohio tech companies with early-stage capital through Series A and eligible applicants may receive US$5 million – $10 million of the $75 million available.
Reports state that both programmes are “competitive”, and proposals will be scored based on responsiveness to the requirements of the request for proposal.
Letters of intent are due by 2pm, Sept. 21, and final proposals must be submitted by 2pm, Oct. 19.
