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Startups in Cleveland and elsewhere have had a harder time raising money in a struggling venture capital ecosystem. But 10 local companies raised $95 million in the last three months, according to a report published by market data company PitchBook and the National Venture Capital Association.
The Cleveland area saw about $69 million of investment from April through June, according to the Venture Monitor report. That’s up compared to the first quarter ($17 million) and fourth quarter of last year ($39 million) but down compared to the $113 million raised during the same time in 2022.
Among the second quarter's top fundings: Klutch Cannabis, the Akron-based cannabis company, raised $26 million; Land Energy, the electric bike and battery maker in Cleveland, raised $22 million; and Axuall, the workforce intelligence startup in Cleveland, raised $20 million.
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