Editor’s Note: Several Hawaii State and private entities are working together to build our local startup ecosystem, as are other similar communities (i.e. not tech hubs). While there are a handful of existing local funds and programs (UPSIDE, LAVA, SSBCI, and others), there’s little public awareness of how, or even if, that money is being put to use. Cincinnati’s CincyTech public/private partnership, conversely, has invested over $15 million in 43 companies in the past 6 years, according to their annual report. (Ah, transparency. Very novel. We could use some of that in Hawaii.)
Oh, and Cincinnati also has a new $75 million fund of funds “to ensure that follow-on capital is more readily available to rapidly growing seed-stage companies.” And their entire community is involved, with over 150 individual and Queen City Angels-affiliated investors putting an additional $34 million into CincyTech portfolio companies alone.
Sure, Hawaii is several years behind cities such as Cincinnati, but it would be great if our State and affiliated entities were a bit more open about their investments, successes, failures, and plans for spending our tax dollars.
Now, on to the real story…
CincyTech, the public/private partnership, seed stage investor, and pillar of the Cincinnati startup community, has reportedly raised it’s largest fund to date. Earlier this month The Cincinnati Business Courier reported that CincyTech has closed on a $10.8 million dollar fund.
Like CincyTech Funds I and II LLC, Fund III will invest in companies focused on information technology and bioscience that are based in or willing to move to Southwest Ohio. The fund has the capacity to invest in at least 15 companies.