Queen City Angels Closes Largest Fund in Group’s History
$10 Million First Fund V includes $5 million in match funds from Ohio Third Frontier
Queen City Angels has closed the largest fund in the group’s history. The $10 million First Fund V (FFV) is the fifth in a family of funds and includes $5 million in private funds from QCA members and two Cincinnati-based institutional investors, Ft. Washington Capital and Interact for Health. The remaining $5 million of matched funds came from Ohio Third Frontier. QCA’s history with Third Frontier dates back to 2003, when it was the first angel group recipient and among the first overall recipients of state funds.
“Since we started QCA 16 years ago, we have invested nearly $50 million in nearly 80 companies,” said Tony Shipley, founder of QCA. He and John Habbert, director of QCA, will manage FFV.
He added, “This new fund will allow us to further expand our efforts, helping more entrepreneurs and early-stage ventures to accelerate their development, grow their operations, launch new products, expand their reach or take whatever that next step may be towards success. This size of fund is a major milestone for our group, and we appreciate the confidence that Third Frontier has shown us as a partner in building economic growth in Ohio.”
QCA will use the funds to invest in companies throughout the state of Ohio, focusing on technology businesses such as life sciences and biotech companies like Assurex and IT companies like ShareThis. QCA was the first investor in Assurex, which received funds from QCA First Fund II. ShareThis received an investment from QCA First Fund. Other industries of focus may include advanced manufacturing and materials science.
Habbert added, “Key to QCA’s longevity and success is our growing and committed membership, and our strong partnerships with local incubators, universities, venture capitalists and government agencies. In addition to leading investment rounds, QCA will continue to support syndication deals with other recognized and certified angel groups throughout the state as part of our alliance with the Angel Capital Association Ohio. Based on our history, we envision FFV will support 15-20 different companies.”