Cintrifuse secures $10 million in Ohio’s State Small Business Credit Initiative (SSBCI) matching funds to support the creation of a $20 million venture capital fund. This fund will bolster support for high-growth startups in Southwest Ohio, enabling Cintrifuse to introduce new programs and initiatives aimed at propelling startup success, creating jobs, generating revenue, and attracting follow-on capital, with a long-term vision to establish Cincinnati as the best place in the Midwest to launch a high-growth startup.
Cintrifuse, a leading startup catalyst in the Cincinnati region, has formalized a focused strategy to support high-growth potential startups and improve the odds of those startups growing into transformational companies. To support the non-profit’s efforts, Cintrifuse’s venture arm, Cintrifuse Capital, was awarded a $10 million SSBCI matching loan from the State of Ohio, which will support the creation of a $20 million fund focused on investing in and scaling early-stage companies.
“The dollars awarded to Cintrifuse are a game-changer for startups in our region,” said J.B. Kropp, Cintrifuse CEO and Managing Director of Cintrifuse Capital. “These funds will allow us to provide much-needed capital at the earliest stages of venture building and enable us to deliver more targeted support to early-stage founders who have the potential to build transformational businesses. This fund will play a critical role in propelling Cincinnati founders forward at a time when it is historically difficult to raise capital; and we are thankful to both the state and federal governments for demonstrating confidence in the work we are doing.”
This new $20 million fund, managed by Cintrifuse Capital, will invest directly into pre-seed and seed-stage startups based in the Southwest Ohio region. The startups that receive investment out of this fund will also receive targeted programming and resources through a cohort-based program to help them scale and raise future downstream capital. This fund is complemented by Cintrifuse Capital’s current fund, Fund III, which invests in local Seed and Series A startups, as well as national venture capital funds. Collectively these funds provide local startups with access to capital for all stages of startup growth. Additionally, Cintrifuse will be introducing a set of thematic labs, set to accelerate innovation by pairing corporations and industry-disrupting startups.
To further their mission of making the Cincinnati region the best place in the Midwest to launch a high-growth startup, the non-profit leverages its extensive resources across Cintrifuse, Cintrifuse Capital, and StartupCincy. By working closely with Cincinnati’s entrepreneur support organizations, corporations, and an active investor network, Cintrifuse remains committed to catalyzing the broader startup ecosystem.
This will include a comprehensive suite of services, including mentorship, access to potential investors, monthly startup engagement events, and essential resources crucial for propelling high-growth startups towards success. As startups progress through these programs and become more established within the Cincinnati ecosystem, they have the opportunity to receive support from Cintrifuse Capital, which continues to back Cincinnati’s most promising pre-seed and seed-stage startups and to invest in national funds. This strategic investment approach aims to channel capital into our region, fostering the growth of a dynamic startup ecosystem.
Cintrifuse Board Chair and Procter & Gamble President of New Business, Guy Persaud, comments, “Cintrifuse has a clear vision, and the awarded SSBCI funds will allow us to create a sustainable cycle of talent and capital for continuous growth here in the greater Cincinnati region. With these resources, we are confident in our team’s ability to make a deeper impact and propel the success of high-growth startups in our region.”
With a track record of success, Cintrifuse has proven its impact. “In the last year, Cintrifuse has provided founders with hundreds of connections to potential investors, customers, and mentors, facilitated over over 20,000 hours of startup support, and showcased over 180 startups through in-person programming and digital channels, giving much needed visibility to the startups in our region.” says new Executive Director, Nikki Boehmker. Already, Cintrifuse Capital has invested $4.75 million in 12 local companies since October 2023, attracting over $33 million in capital outside of our region. The team plans to deploy another $70-100 million locally, including the SSBCI funds, over the next 5-7 years, further fueling the growth and success of startups in the region.
Looking ahead, Cintrifuse’s long-term goals include increasing the number of startups building in the region, scaling startups through revenue growth and job creation, attracting more venture capital investments, and fostering more exits to create a cycle of founders starting new companies. By achieving these goals, Cintrifuse aims to create a flywheel of talent and capital, making Cincinnati the best place in the Midwest to launch a high-growth startup.
