Why is Jobs Ohio creating the Growth Capital program?
Prior to recent Covid-19 developments, JobsOhio was in the process of developing a co-investment program to partner with Ohio’s most innovative businesses and entrepreneurs.
JobsOhio Growth Capital is the next phase of the program and builds upon the successes of the initial Innovation Fund pilot. The initiative is complementary to other major investments in innovation that JobsOhio has made over the last 12 months, including the launch of three Innovation Districts.
What is the need JobsOhio is addressing?
As with many early stage companies, growth capital is essential to validate, quickly scale and launch the business venture that has high growth potential. JobsOhio sees an opportunity to partner with traditional venture capital sources (venture firms, institutional investors, strategic investors, and entrepreneurial services providers) and provide matching capital (up to $2.5 million) into a venture-led, and sponsored syndicate.
The Growth Capital program will provide qualifying early-stage companies with financial support to enable them to fuel and sustain scale up growth and become Ohio’s next generation of great employers.
What types of companies does Growth Capital target?
Venture-backed firms are some of the highest growth firms in the economy. Ohio’s world-class research institutions and universities have accelerated commercialization efforts, creating game-changing technologies. These companies span software, digital services, healthcare, financial technology and other domains. The targeted venture-backed companies represent innovative businesses with strong market positions, high potential, and are sponsored by their lead investor.
We target companies who are Seed+, A, or B stage-having had a minimum $3-5 million in prior professional money invested.
Is JobsOhio limiting eligibility to this program? If so, in what ways?
Eligibility is limited to Ohio venture-backed companies that have already raised $3-5 million in professional financing. Companies need to be sponsored and recommended by a qualified venture sponsor and willing to commit at least a 1:1 match to JobsOhio investment, on mirrored terms (non-negotiable), and at valuations established by lead VC investors.