Valley Growth Ventures receives $3 million grant

The Ohio Third Frontier Commission met in Columbus in mid-April and awarded four Ohio-based investment funds a total of $10.348 million from the Pre-Seed and Seed Plus Capitalization Program.

Valley Growth Ventures, a partnership between the Youngstown Business Incubator, the Tech Belt Energy Innovation Center, the Mahoning Valley Economic Development Corporation and Youngstown State University, received $3 million.

The three other individual awards include: $3.625 million for North Coast Venture Fund; $2.079 million for Mutual Capital Partners Fund III LP and $1.65 million for North Coast Angel Fund III.

Ohio Third Frontier is the state’s $2 billion technology-based economic development initiative that seeks to create high-wage jobs through the accelerated growth of high-tech start-up and early-stage companies.

The Pre-Seed/Seed Plus Fund Capitalization Program hopes to reinforce Ohio’s technological progress by increasing professionally managed Pre-Seed Funds and creating additional support for developing, retaining and attracting technology companies. The program provides capital for early-stage tech company investments and technology companies progressing toward an institutional venture round.

The Third Frontier awards will be used to make direct investments in Ohio based technology companies over the next three years. The State funds are matched by over $12 million in private capital, committed by over 100 Ohio-based individual investors. At least 20 emerging technology companies are expected to receive capital as a result of these awards.

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