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The O.H.I.O. Fund, operating under TOF Manager, LLC, is a private investment firm founded in June 2024 to invest in and partner with entrepreneurs and business leaders in Ohio. Headquartered in Cleveland, Ohio, the firm aims to leverage the state's economic momentum to catalyze growth for businesses and generate returns for investors. In its first year, the fund raised approximately $240 million from 114 investors, including banks, insurers, corporations, foundations, family offices, and high-net-worth individuals.
The fund has quickly established itself as a key player in Ohio's investment landscape, focusing on sectors that enhance the state's economic future. The O.H.I.O. Fund's mission is to drive economic growth by investing in innovative entrepreneurs and business leaders, fostering collaboration among local stakeholders. The firm has reported returning $75 million to investors, indicating strong momentum and engagement in the local investment community.
The O.H.I.O. Fund invests primarily in advanced manufacturing, biotechnology, real estate, and infrastructure projects. The firm targets opportunities that have already gained traction or possess the potential to strengthen Ohio's economic future. Their investment strategy emphasizes collaboration with a diverse network of private-sector investors, including institutions, corporations, foundations, family offices, and high-net-worth individuals. This collaborative approach allows the fund to maximize impact and returns while supporting local entrepreneurs.
The fund's investment thesis is centered on driving economic growth in Ohio by identifying and supporting innovative business ventures. The O.H.I.O. Fund positions itself as a 'place capital' investor, focusing on deploying capital to strengthen specific geographic areas rather than solely optimizing for financial returns. This strategy aligns with the firm's goal of enhancing Ohio's economic landscape through targeted investments.
The O.H.I.O. Fund's portfolio includes a diverse range of companies across various sectors, showcasing its commitment to supporting Ohio's economic growth. Notable portfolio companies include:
Mark Kvamme: CEO & Chief Investment Officer. Mark is a Silicon Valley venture capital veteran and previously co-founded Drive Capital, focusing on investments in the Midwest.
Ray Leach: President & CFO. Ray has extensive experience in venture capital and was previously the CEO of JumpStart Inc., a nonprofit organization that supports entrepreneurs in Ohio.
Jill Meyer: COO & Chief Relationship Officer. Jill brings a wealth of experience in building relationships with entrepreneurs and investors.
Mike Venerable: Director of Healthcare & Life Sciences. Mike has a strong background in healthcare investments and business development.
Jeffrey Stern: Principal. Jeffrey focuses on sourcing and evaluating investment opportunities across various sectors.
Steve Briggs: Principal. Steve specializes in operational support for portfolio companies, helping them scale effectively.
Shubha Inamdar: Director of Finance & Operations. Shubha oversees the fund's financial management and operational strategies.
Matt Kaido: Associate. Matt supports the investment team in due diligence and portfolio management.
Jessica Talbott: Executive Administrator. Jessica manages administrative functions and supports the team in various capacities.
To pitch to The O.H.I.O. Fund, founders should submit their proposals through the fund's website at theohiofund.com. The pitch deck should include a comprehensive overview of the business model, market analysis, and financial projections. While specific response times are not disclosed, the fund encourages warm introductions through its network of investors and partners.
In January 2026, The O.H.I.O. Fund announced a significant investment of $25 million in Eagle Wireless's Series B financing to enhance its research and development and production capabilities. This investment underscores the fund's commitment to supporting its portfolio companies and driving innovation in Ohio.
Additionally, the fund reported raising over $350 million within its first 16 months of operation, demonstrating strong momentum in the local investment landscape. The O.H.I.O. Fund has already returned $75 million to its investors, highlighting its effective deployment of capital and focus on generating returns.
What are the investment criteria for The O.H.I.O. Fund?
The O.H.I.O. Fund invests in sectors such as advanced manufacturing, biotechnology, real estate, and infrastructure. The firm targets opportunities that have gained traction or show potential for growth within Ohio.
How can I apply or pitch to The O.H.I.O. Fund?
Founders can pitch their ideas through the fund's website at theohiofund.com. It is advisable to include a detailed business plan and financial projections in the pitch deck.
What makes The O.H.I.O. Fund different from other investors?
The O.H.I.O. Fund focuses specifically on Ohio-based opportunities and emphasizes collaboration with local entrepreneurs and business leaders. This regional focus allows the fund to leverage its network effectively to support economic growth.
What is the geographic scope of The O.H.I.O. Fund's investments?
The fund primarily invests in Ohio, with a distribution of approximately 25% each in Cincinnati, Cleveland, and Columbus, while the remaining 25% is spread across other areas in Ohio.
What is the fund size and check size range?
The O.H.I.O. Fund has a total fund size of approximately $240 million. While specific check sizes are not disclosed, the fund typically invests in opportunities that align with its investment strategy and economic development goals.
What kind of post-investment involvement does The O.H.I.O. Fund have?
The O.H.I.O. Fund actively supports its portfolio companies by providing access to a strategic network of private-sector investors and resources that can accelerate growth. This involvement includes mentorship and operational support.
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