At its second annual VentureDinner, VentureOhio on Tuesday, Sept. 15, named TOA Technologies of Beachwood as its “Exit of the Year.” It also posthumously awarded James D. Ireland III with its David T. Morgenthaler Lifetime Achievement Award.
VentureOhio is a 2-year-old, Columbus-based nonprofit whose members are venture capitalists and others who support startup businesses.
The young organization also released a report at its dinner Tuesday evening that found that while 210 Ohio-based entrepreneurial young companies raised $321 million in 2014, they will need to raise more than $633 million in the next 15 months to support their continued growth and job creation.
“Ohio has a strong angel and venture capital ecosystem, but there is a huge unmet need for additional funding at the early stages for these companies,” said Steve Haynes, VentureOhio president, in a new release. Haynes also is managing director of Glengary LLC, a Beachwood venture capital fund.
“We are doing a great job of starting companies in Ohio and leveraging the impressive resources available to entrepreneurs,” said Falon Donohue, VentureOhio’s executive director, in the release. “However, the growing funding gap for the early stage companies must be addressed so that Ohio can reap the rewards of job and income growth from those investments.”
Ireland was recognized for his influential support of entrepreneurship. He co-founded Capital One Partners, a Cleveland-based private equity firm that is the parent of Early Stage Partners, a venture funder, and was a champion of Jumpstart Inc., the Cleveland nonprofit that supports young businesses.
The “Exit” award for TOA recognizes its sale in July 2014 to Oracle Corp. TOA is a provider of cloud-based services.
Awards also went to two Cincinnati companies. The Early Stage Financing Award went to Ahology, an Internet marketing service. Assurex Health, a biotech company based in suburban Mason, won the Growth Stage Financing Award.