January 14, 2014
CincyTech 2013 growth
CincyTech 2013 Growth Report
CincyTech, a public-private seed-stage investor organization formed to strengthen the regional economy by driving talent and capital into scalable technology-based companies in Southwest Ohio, saw significant growth in 2013.
The investor closed its third investment fund, CincyTech Fund III, its largest to date both in dollars ($11.2 million) and number of investors (55 individual and eight institutional). By comparison, CincyTech Fund II was a $4.4 million fund, with nine individual and six institutional investors.
Through 2013, CincyTech invested $18 million in 47 southwest Ohio-based companies. Those companies have created 481 jobs with an average salary of $60,592, generated $98 million in revenue, and drawn $216.5 million in co-investment.
Highlights from CincyTech’s portfolio companies in 2013 include:
- Akebia Therapeutics, a biopharmaceutical company that develops and commercializes small molecules to treat anemia and cancer, raised a $41 million dollar Series C round of financing, believed to be the largest round of venture capital ever raised in Cincinnati.
- Zipscene, a digital marketing solution for restaurants, raised $2.75 million in a financing round led by Chicago-Based Jump Capital.
- Roadtrippers, a Brandery graduate and the world's fastest growing travel planning site, raised a $2.5 million dollar Series A round of financing led by Columbus-based Drive Capital, the venture firm co-founded by former Jobs Ohio chief, and Sequoia Capital veteran Mark Kvamme.
- Choremonster, a Brandery graduate that offers a suite of mobile and web applications that make chores fun for kids and easy for parents to track, raised a $1.5 million dollar A round led by Dan Gilbert's Detroit Venture Partners.
- CincyTech invested in eight new companies in 2013, six of which have been announced: Cloud Takeoff, Impulcity, Lisnr, Off TrackPlanet, REPP and SkinnyMom.
CincyTech is focused on two key outcomes: creating jobs and providing a return for its investors, Supported by more than two dozen foundations, corporations, municipalities and individuals, as well as the Cincinnati USA Regional Chamber, the University of Cincinnati, Cincinnati Children's Hospital Medical Center and Ohio Third Frontier, CincyTech provides guidance and seed stage capital to local, high potential, tech-based startups needed to fuel our region’s economic engine by stimulating growth.
Growing fledgling companies, jobs, capital – and ideas. Learn more at www.cincytechusa.com