SPR Therapeutics led venture capital fundraising among Northeast Ohio companies in the first three months of 2024 — another quarter marked by investors circling their wagons to ensure their most promising companies are well-positioned before making new bets, according to the latest Venture Monitor report.
In Northeast Ohio, investors doubled down on later-stage companies such as SPR Therapeutics, the medical device developer in Highland Hills, which raised $85 million — including $60 million in venture debt — according to the first quarter report of top VC deals by Pitchbook and the National Venture Capital Association.
The region's second-largest fundraise during the quarter — $75 million by Cleveland Diagnostics Inc., the clinical-stage biotechnology company in Cleveland — also included an unspecified amount of venture debt.
The shift toward venture debt from venture capital in later-stage fundings isn't unusual but does signal caution among investors, a theme that fits with the ongoing defensive investment climate described by the latest Venture Monitor.
New to the regional list with Series A fundings were Relish, a software startup in Newbury, which raised $10 million, and AlensiaXR, the mixed-reality spinoff from Cleveland's Case Western Reserve University, which raised $3.2 million during the quarter, according to Venture Monitor.
Northeast Ohio's top deals during the first quarter included three later-stage fundings, worth $178 million, and four early-stage or angel fundings, worth $14.4 million, for a total of $192.4 million, according to the quarterly Venture Monitor.
Here's a list of the top Northeast Ohio deals in the latest Venture Monitor:
