A not-yet-closed round for a stealth-mode energy startup was the largest VC investment in Central Ohio in the second quarter – contributing to the lowest total raised since the end of 2019, according to the latest data from PitchBook and National Venture Capital Association.
Koloma Inc. raised $30 million in June toward its "data-driven approach to exploration for hydrogen in the earth's subsurface," according to publicly available documents. The Dublin-based startup has not commented.
Overall, Columbus-area startups raised $49 million across 13 deals, according to the latest Venture Monitor report from the national groups.
Nationally, "the venture capital ecosystem is struggling to adapt to a market that has not been seen in years," the report said.
Capital is harder to raise even at the earliest seed stage, it said. Meanwhile capital is "trapped" in startups because of a concurrent slowdown in acquisitions, IPOs and other exits. There are twice as many venture-backed companies now than in 2016.
No exits were reported in Ohio in the second quarter, according to the data.
New investments have slowed across the state from record highs in 2021.
Columbus pharmaceutical startup Invirsa's $7.7 million round was the second largest of the quarter in Central Ohio, the report said, followed by $6 million for Breakaway Music Festival and $3.7 million to SureImpact, a platform for nonprofits to measure the effectiveness of their interventions.
E-commerce startup Loop Returns publicly discussed a $50 million round this April, but that had actually closed at year's end and was reflected in PitchBook data for Q4 of 2022.
