Ohio Capital Fund
is on a mission to reignite venture capital and innovation across the state of Ohio.
“I don’t work for a typical venture capital company,” explains Fort Washington Capital Managing Director, Paul Cohn, who manages the Ohio Capital Fund. “We are a fund of funds, meaning we invest into venture capital funds.” Thus far, the investment has paid off.
The Ohio Capital Fund has committed $129 million to 26 venture capital firms to date – 22 of which have a presence in Ohio. In aggregate, the 26 firms have invested $205 million into 67 companies across the state, employing over 2,400 people with an estimated annual payroll of over $140 million. And it’s only the beginning.
“We have seen a strong investment pace by our VC funds through this difficult economic environment,” explains Cohn. “Our fiscal years ends June 30, and over that year we saw investment in Ohio companies in our portfolio increase 36 percent.”
One example Cohn is excited to share is Orthohelix, Northeast Ohio developer of orthopedic implant and instrument sets used by surgeons to fix bones during foot, ankle, hand and wrist surgeries. They recently announced their sale to an Amsterdam-based public company called Tornier for $135 million. Orthohelix will maintain and likely grow their presence in Northeast Ohio after the acquisition is complete.
Although the fund is done investing for the year, legislation to expand the fund was recently approved by the House of Representatives prior to summer recess and is now sitting in the Senate. If the measure passes, the Buckeye economy stands to benefit once again. “We are targeting a $100 million expansion so we can keep supporting the venture capital firms that are making investments in early stage Ohio companies.”
Source: Paul Cohn
Writer: Joe Baur