A new fund by 71/70 Angels aims to bridge funding gaps for seed-stage startups in Central Ohio, amidst a slight decline in angel investments.
A new investment fund aimed at aiding seed-stage startups has been launched by 71/70 Angels, with a goal to help close significant funding gaps that many high-growth companies face. This initiative comes at a time when angel funding has seen a slight decline—about three percent year-over-year, according to data from Crunchbase.
The fund is strategically named for its geographic location at the intersection of I-71 and I-70 in Ohio, which connects key cities including Columbus, Cleveland, and Cincinnati. This location is significant as it facilitates the growth of a tech ecosystem in the region.
Melinda Gloriosa, Managing Director for 71/70 Angels and Rev1 Ventures, highlighted the challenges many startups encounter in today’s venture capital climate. “Filling out rounds is difficult in the current venture capital environment, and we see this formalized fund as a way to energize the angel investor community in Central Ohio and, ultimately, drive innovation and economic growth everywhere,” she stated.
71/70 Angels primarily focuses on seed and early-stage companies that are developing solutions for large markets. The fund aims to bring together both novice and experienced angel investors, making it easier for startups to access necessary capital and resources. The organization leverages Ohio’s strong corporate partnerships and investor networks, alongside the resources available through Rev1’s venture studio, to enhance the chances of success for the startups it invests in.
Phil George, co-founder and CEO of MentorcliQ and an active angel investor with 71/70, emphasized the importance of angel funding based on his own experience. “I was drawn to 71/70 Angels as an investor because I know firsthand how difficult it is to raise capital in the early stages, especially in the Midwest,” George remarked. He also pointed out the valuable mentoring support provided by Rev1 Ventures, stating that this assistance was crucial during his own entrepreneurial journey with MentorcliQ.
71/70 Angels aims to expand the angel investing community in Ohio, contributing to a more robust support network for emerging companies in the Midwest.
Source: Noah Wire Services
