CLEVELAND, Jan. 21 /PRNewswire/ -- Last year the NorTech Venture Capital Advisory Task Force reported in its inaugural 2006 Venture Capital Report that the region would need to generate and attract over $1.2 billion in venture capital by 2011 in order to meet the capital needs of companies located in Northeast Ohio. According to the findings from the recently completed 2007 Venture Capital Report of the Cleveland+ region, to be released in print mid February, Northeast Ohio has made significant progress toward reaching this goal. With $318 million in new investments, compared to $157 million in 2006, the region saw a doubling in the amount of capital invested into its growing companies as well as a 40 percent increase in the total number of investments made during 2007.
The most noteworthy industry sector detailed in the Report was bioscience, comprised of biopharmaceuticals, medical devices and healthcare services and IT, which accounted for approximately 75 percent of the capital raised. In particular, biopharmaceuticals accounted for just over 50 percent of all capital investment for the region. Deal size for this sector was exceptionally large, with an average deal of $15.4 million. Significant wins for companies such as Athersys ($70 million), Franklin & Seidelman ($25 million), as well as Ricerca, contributed to much of the total. Other average industry-sector deal sizes ranged from $1 to $7 million.
"2007 was a record year for the region's bioscience start-ups. The companies are achieving major milestones and thus continue to draw significant investor attention. In addition, the number of seed and early-stage financings demonstrates that the pipeline of developing biosciences companies remains robust," commented Baiju Shah, President of BioEnterprise.
A rise in the num
|SOURCE JumpStart Inc.|
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