We’d personally like to congratulate VentureOhio Member, CoverMyMeds on their $1.1 billion acquisition by McKesson. This is a big win for the CoverMyMeds team led by Matt Scantland. Their outstanding entrepreneurship, talent and innovation has helped put Ohio on the map as a center of entrepreneurial activity.
This is the exit Ohio’s startup community needed to push us to the next level — it creates significant wealth for investors and employers, which will ultimately manifest in the creation of more startups and the investment of more dollars into the midwest. Ohio has incredible access to talent, customers and private-public partnerships, such as the Ohio Third Frontier’s Entrepreneurial Signature Program — all of which are essential to scaling a billion dollar company. By utilizing these assets, CoverMyMeds has become the second U.S. unicorn in 2017. A unicorn exit in Ohio might have felt far-reaching, but CoverMyMeds has shown that it’s not only a possibility, but a reality. One thing we’ve known, but CoverMyMeds has proven is that you don’t have to be on the coast to build and scale a $1 billion company.
“More than a decade ago, when the Ohio Third Frontier first began its support for JumpStart, we believed that the private/public development model could revitalize our entrepreneurial economy and help build a billion dollar company like CoverMyMeds,” said Ray Leach of JumpStart Inc. “With this acquisition, that belief has been confirmed in a massive way. In the years to come I think we will all look back on January 25, 2017 as the day Ohio officially rejoined the conversation as a world-class entrepreneurial hub.”
Just a year ago, we spoke with Scantland, CoverMyMeds co-founder and 2016 President’s Award winner, about how we can turn Ohio into the next startup hub. He explained that we need to build ideas, emphasize Ohio’s value and make the midwest appealing to investors from across the nation. Fast forward to today, and we are doing just that. Ohio is on the cusp of becoming a national innovation hotspot, and what we’re witnessing is only the beginning.
The tone for Ohio in 2017 has been set and momentum is certainly building. With an influx of new capital and more eyes on Ohio companies every day, this exit proves that we are building the next big things in the next best location. Congratulations to the CoverMyMeds team — your success is proof that Ohio is where the future is happening.