Rocket Ventures becomes a single-owner venture capital firm as the University of Toledo Innovation Enterprises leaves the partnership.
Rocket Ventures, a US-based venture capital firm, is now solely owned and operated by the US-based Regional Growth Partnership (RGP).
The venture capital firm was previously jointly owned and operated by RGP and the University of Toledo Innovation Enterprises but this came to an end in 2014. Rocket Ventures was established in 2007 by the Regional Growth Partnership through the Ohio Third Frontier Commission’s Entrepreneurial Signature Program.
Dean Monske, chief executive and president of the Regional Growth Partnership, said: “This will allow Rocket Ventures to reduce costs and better administer funds. This will also result in more money to support client companies.”
Recently the venture capital company received a grant of $4.188m from the Ohio Third Frontier Commission continue its work for the next two years. This money will be matched with an equal amount of private money.
Monske went on to say: “We appreciate the State of Ohio recognising the important role Rocket Ventures plays in this region by rewarding Northwest Ohio with further funding to continue supporting technology-based development.”
The state grant will allow Rocket Ventures to create at least two initiatives. Those planned so far include an Ignite Grant and Loan Program that will provide pre-investment funding for prototyping.
