News
Tech Company Incubator Receives New Funding
By: Atish Baidya
Posted on:
Ohio University’s technology business incubator is getting a new injection of investment funding.
The $1.875 million award will be matched with private dollars to create a third investment fund for the organization. The fund will be used to invest in new tech-startups ranging from $250,000 to $500,000.
“This new award from Ohio Third Frontier provides needed investment capital for our region,” Ohio University President Roderick McDavis said. “It will greatly assist us in our ongoing efforts to grow the economy in Southeast Ohio by creating more technology companies and, more importantly, jobs in our region.”
According to a news release from the Ohio Development Services Agency, TechGROWTH Ohio is one of nine organizations to be awarded funding from Third Frontier Initiative’s Pre-Seed Fund Capitalization Program.
“With this award, TechGROWTH becomes a $30 million program, doubling in size since its inception five years ago,” Lynn Gellermann, TECHGROWTH’s executive director said.
According to the news release, TechGROWTH provides business advice and investment to technology companies and entrepreneurs in Southeast Ohio. The business incubator said its investment portfolio includes 10 companies.