Story excerpt provided by The Plain Dealer.
Written by Michael C. DeAloia.
Not only is there a big chill in Northeast Ohio’s weather, but there’s also a freeze on tech investments. There have been notable declines in both public and private valuations for technology companies — being felt here and worldwide.
According to Dow Jones VentureSource, the median pre-money valuation for tech firms raising venture capital in the fourth quarter of 2015 was $28.75 million, less than a third of what the median valuation was the previous quarter. And this declining trend is expected to continue.
However, some recent announcements by JumpStart, a non-profit organization that supports the regional tech and entrepreneurial industry, should provide needed warmth on the local tech investment front.
With new funds available for investment, Cleveland could become a bright fire in a global tech investment ice age. Also this week, a local tech company takes flight to join one of the most prestigious tech accelerators in the United States.
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Originally published January 31, 2016.