Rep. Brent announces over $1.6M state support for local tech start-ups

State Rep. Juanita Brent (D-Cleveland) today announced the release of $1,650,000 in state funding to create the North Coast Angel Fund III, LLC (NCAF) in Mayfield Heights to support innovative early-stage technology companies in Northeast Ohio.

“This is going to be a tremendous opportunity for local tech entrepreneurs to get off of the ground with strong support from the state,” said Rep. Brent. “These funds will give residents of our Cleveland community a real shot at the American Dream, pursuing their own business venture.”

The mission of the NCAF is to accelerate technology start-up success in both Northeast Ohio and throughout the state in close collaboration with other angel, venture capital, and economic development groups. The NCAF’s ultimate goal is to create a more accessible and flexible capital environment in which the region’s best and brightest entrepreneurs can prosper.

The funds were approved Monday by the state Controlling Board, a bipartisan panel that oversees state spending.