CLEVELAND, March 22, 2016 /PRNewswire/ -- Recognizing the importance and impact of angel investment to the Northeast Ohio high-tech economy, JumpStart Inc. recently announced a new $1 million commitment to support the operations of the North Coast Angel Fund (NCAF) through 2022. With this announcement, the Cleveland-based venture development organization—who helped underwrite the creation of NCAF in 2006—has now committed a total of $4.1 million in operating support to the angel fund over 16 years.
NCAF is Northeast Ohio's first professionally managed angel fund and has focused on early-stage technology investments. To date, NCAF and its members have directly invested more than $30 million in 40 portfolio companies that have gone on to raise $450 million in follow-on funding from more than 30 other venture capital firms, banks and strategic partners.
"JumpStart's goal is to unlock the full potential of diverse and ambitious entrepreneurs to economically transform Northeast Ohio," said JumpStart CEO Ray Leach. "We realized back in 2006 that in order for Northeast Ohio's high-tech entrepreneurial ecosystem to thrive, it would also need a professionally managed for-profit angel fund to aggregate local angels and invest in local startups."
"Angels invested $24.1 billion in U.S. startups in 2014," added Leach. "They are a critically important component of every regional entrepreneurial ecosystem. That's why we helped create NCAF and why we continue to support the fund today."
"The goal of NCAF and its more than 200 members is to leverage the group's collective expertise in high-growth entrepreneurship, technology sectors and functional disciplines to accelerate many of the region's highest potential early-stage companies," said NCAF Managing Director Todd Federman. "With the support of JumpStart and other community leaders, we have been able to achieve this goal, and we look forward to a continued partnership."
In addition to its continued operating support of NCAF, JumpStart recently announced two $10 million investment funds—the renewal of JumpStart's Evergreen Fund and the creation of a new fund for women and minority entrepreneurs called the Focus Fund. In addition JumpStart recently announced a new $20 million for-profit fund called the NEXT Fund.
JUMPSTART INC. is committed to strengthening the economy through entrepreneurship. The nonprofit has been accelerating the successes of diverse entrepreneurs, their high growth companies and the ecosystems that support them since 2004. For more information, visit www.jumpstartinc.org and follow @JumpStartInc on Twitter.
North Coast Angel Fund is a contributed capital and "sidecar" pre-seed investment fund with a focus on early-stage technology investments. Membership consists of more than 200 of the region's leading investors, entrepreneurs and business leaders who are dedicated to accelerating early-stage ventures. For more information, visit www.northcoastangelfund.com
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SOURCE JumpStart, Inc.