CLEVELAND, Ohio — JumpStart’s venture capital investment arm has secured nearly $25 million in the first close of its NEXT Fund III, marking a key milestone toward its $50 million target.
The fund from JumpStart Ventures, which is backed by Ohio’s Small Business Credit Initiative, institutional and private investors, aims to provide money to Ohio-based technology startups.
JumpStart Ventures is a subsidiary of JumpStart Inc., a Cleveland-based economic development nonprofit.
The firm invests in early-stage, high-growth potential startups, focusing on sectors such as software, healthcare information technology, biotechnology, business-to-business services, and software-as-a-service. The NEXT fund III will target approximately 15 startups over the coming years, a press release said.
JumpStart Ventures’ current portfolio includes notable regional startups such as Abre, Centerline Biomedical, OnStation, Cleveland Diagnostics, Orthobrain, Axuall and Onshift.
More than 30 companies, including CoverMyMeds, Able Software, Wireless Environment, CardioInsight and Vizzle, have been acquired.
With more than $200 million under management across four investment funds, JumpStart Ventures is one of Ohio’s most active early-stage investors. The firm has built a track record of top-quartile returns and nationally recognized exits, further solidifying its role in the state’s venture capital ecosystem, a news release said.
Hardik Desai, managing partner of JumpStart Ventures, said the recent close on the NEXT Fund III represents a significant step forward in supporting the region’s most ambitious founders.
“With the backing of our committed partners, we are focused on providing the capital and resources needed to help founders scale their businesses and bring groundbreaking technologies to market,” Desai said.
