October 23, 2016
Northeast Ohio’s early stage and start-up technology companies have reason to take notice as DigitalC, Cleveland’s civic tech collaborative, launches The DigitalC Fund on October 14.
The Fund fills an important gap in Cleveland for pre-seed stage funding available to Ohio-based emerging technology startups in big data and support for the growth of Ohio’s big data sector.
Big Data startups received $6.64B in venture capital investment nationally in 2015, 11% of total tech VC. However in Cleveland, there has been a gap in the availability of pre-seed capital for imagining and incubating software applications in one of the fastest growing technology sectors globally including: the application and use of big data, the Internet of Things, and civic tech.
The DigitalC Fund is a $600,000 pre-seed investment fund, complemented by a 18-person Technical Advisory Committee of national and local technical experts that fills that gap. The Fund is designed to attract and support global and Ohio-based entrepreneurs that leverage Northeast Ohio’s ultra-fast Internet, and help ensure that Ohio remains on the cutting edge of creating wealth and jobs.
“We know that big data is permeating all facets of our personal, social and business lives for communication, to increase efficiencies, and solve real problems. The DigitalC Fund will provide much needed startup capital for this next wave of technology, and play a role in attracting more innovative ideas to Northeast Ohio’s robust entrepreneurial ecosystem,” shared Jennifer Thomas, Chief Strategy Officer for DigitalC and Fund Manager. “We are excited to launch The DigitalC Fund and hope this seed capital provides an incentive for entrepreneurs to locate here.”
The Fund expects to invest $30,000 to $50,000 pre-seed capital in 4-6 diverse early stage companies per year over the next 3 years. Applications from companies with products and/or services in big data, the Internet of Things (IoT), civic tech, virtual reality, augmented reality, sensors for good, cybersecurity for Health IT, and interrelated software and hardware solutions will be reviewed on a rolling basis.
For more information and to apply for The DigitalC Fund, go to http://www.digitalc.org/the-digitalc-fund/.