New Report From VentureOhio Says Ohio’s Startup Activity Continues To Grow
For a being a somewhat smaller state, Ohio has three amazing startup communities. Cincinnati, Cleveland and Columbus all contribute to the rising growth of startups in the Buckeye state.
How much growth? This year, Ohio saw a 26% increase in startup activity over the prior year. VentureOhio released their annual report on Tuesday which highlighted the fact that over $470 million dollars was invested in 210 startup companies last year. At a time when nationwide venture capital investment is going down, Ohio’s is still going up.
Ohio is also quickly becoming one of the less risk averse states. Of those 210 companies that received venture investment last year 140 of those were seed stage companies. That’s led by powerful accelerators and incubators like Cincinnati’s The Brandery and Cleveland’s Flashstarts. Columbus, the 2016 winner of the smart city challenge, was named the #1 city for scaling startups by the Kauffman Foundation. Columbus has a $1.2B startup impact.
Startups have been luring cash away from other states as well. 170 investors contributed to the $470million dollars invested in Ohio startups. Of those 170 investors, 117 of them were out of state investors and 53 of those were in state. $631 million dollars has been raised by 15 Ohio Investors.
Cincinnati based, Everything But The House, an online estate sale company, raised $41.5m dollars, the largest startup investment in 2016. They were the biggest investment for a growth stage company. Eloqui Design, based in Columbus, was the largest early stage investment, at $15 million dollars. New York based Greycroft Partners, invested in both companies.
Investors in Ohio startups are seeing returns on their investments as well. Ohio startups saw 24 liquidity exits in 2016. Covermymes led the pack in acquisitions. They were acquire by McKession for $1.1b (with a potential of $1.4b).
Over the past two years, Ohio has seen a 46% increase in growth. It doesn’t seem like anything will be able to stand in the way.
“What I anticipate is the graphs continuing to grow to the right,” VentureOhio CEO Falon Donohue told Cincinnati.com. “I see nothing that says this growth is going to stop.”
Check out VentureOhio for yourself, here.