The Innovation Fund has awarded a total of $350,000 to five local startup companies, according to a news release from the in Lorain County-based fund.
Three of the companies — Yourefolio of Cleveland, Cormetrics of Cleveland and Revenue Conduit of Copley — received $100,000 loans that they’ll have to repay, if they’re successful. They’re required to match that money with their own funding.
The other two companies received $25,000 grants. They are NueVue of Elyria and Renewable Carbon & Electric of Chagrin Falls.
Since 2007, the Innovation Fund has awarded $10.8 million to 161 startups. Those companies have gone on to raise another $188 million from investors.
The Lorain County Community College Foundation created the fund to help spark entrepreneurship in Northeast Ohio.
“It’s critical that these startups have funds they can rely on for first-in financing,” said Dennis Cocco, codirector of the GLIDE business incubator at the college. “Knowing there’s a steady stream of pre-seed funding available encourages entrepreneurs to keep starting new business and to do it here.”
Here is a description of the five companies that was included in the press release:
NueVue ($25,000 | Elyria) is developing a technology that targets and tracks cells in the body for stroke, orthopedic and cancer therapies.
Renewable Carbon & Electric ($25,000 | Chagrin Falls) is using wood to manufacture renewable carbon products, including activated carbon and polymer fillers.
Cormetrics ($100,000 | Cleveland) is developing sensor-based interventional devices for the cardiology market. Its first product is a pressure sensing guidewire that will be used in procedures to open blocked arteries.
Yourefolio ($100,000 | Cleveland) is a software program that aggregates all the documents, instructions and information that clients and beneficiaries might need to access during a time of passing.
Revenue Conduit ($100,000 | Copley) is helping retailers attract, convert and retain customers by connecting four of the world’s leading shopping carts to industry-leading marketing platforms.