JumpStart Inc. is hoping to raise a $50 million venture capital fund to invest in Ohio tech startups, according to a filing with the Securities and Exchange Commission on Wednesday.
JumpStart Next Fund II L.P. would be the Cleveland-based venture developer's largest fund yet and would help it match the $10 million in early stage money it won from the Ohio Third Frontier program in March.
Next II will focus on Ohio-based technology startup companies and invest in opportunities in software applications for business, health care and medical technology, according to an Ohio Third Frontier statement.
Ray Leach, JumpStart's CEO, declined comment on his organization's latest fund because of regulatory restrictions on active fundraisers.
The minimum investment in Next II is $100,000, according to the regulatory filing.
JumpStart already operates the Evergreen Fund, Focus Fund and Next Fund, which total $40 million in investable assets, according to its website.
The Next Fund typically invests between $500,000 and $1.5 million in companies that are raising their first found of venture capital, according to the organization's website.
Although the coronavirus pandemic initially stalled the earliest stages of venture funding last year, deal activity surged in the fourth quarter, according to PitchBook-NVCA Venture Monitor, the quarterly report on venture capital activity supported by the National Venture Capital Association.
"The early stage market finished the year strong with $41.8 billion in investment, surpassing the $40 billion mark for the third consecutive year," according to the Jan. 14 Pitchbook-NVCA report.
