Ohio TechAngel Funds (OTAF), managed by seed-stage venture development organization Rev1 Ventures, has launched its fifth vehicle with $5.1m in commitments.
With OTAF V, OTAF will continue to back Ohio-based early-stage companies built around intellectual property in information tech, life sciences, or advanced materials that have built a product, delivered it to the market, and have validated the offering by securing paying customers (but have not yet achieved $1MM in sales).
Led by Parker MacDonell, managing director, OTAF invests in companies that are raising $1m to $2m. As a fund, it makes an initial investment of up to $325k and support the company in find other investors to fill out the round. OTAF also makes follow-on investments in its most successful portfolio companies.
Portfolio companies usually have fewer than 10 employees.
FinSMEs
08/06/2016