The O.H.I.O. Fund puts its money where its mantra is
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Less than two years after its public launch, The O.H.I.O. Fund has invested nearly $200 million into companies and real estate projects in the state — and its leaders say that pace is going to speed up.
Why it matters: Tech and startup investment remains concentrated on the coasts and on AI software, but TOF is investing at home in fields ranging from manufacturing and dog food to biopharmaceuticals and finance.
Catch up quick: TOF launched publicly after closing its first fund in June 2024, co-founded by Drive Capital's Mark Kvamme and JumpStart's Ray Leach.
Driving the news: The fund has been busy.
- Last month, TOF announced its 30th investment, in Hyperframe, a startup creating steel framing for construction that relocated from California to Columbus.
- And last week, the fund invested another $25 million into rapidly growing cellular and wireless module manufacturer Eagle Wireless, based in Solon, as part of a $30 million Series B round.
What they're saying: Leach tells Axios he expects the first quarter of 2026 to maintain the pace.
- "This isn't, 'We got to 30 and now we're going to rest,'" he says. "The demand and opportunity is increasing, not decreasing."
By the numbers: TOF has raised $356 million and invested $196 million into Ohio companies and real estate projects.
- Investments span 12 Ohio counties.
- Those investments generated $75 million in returns through January.
The big picture: TOF's mantra — "Bullish on Ohio" — is the first phrase on its homepage and a sentiment Kvamme says has never been more appropriate.
- "In Central Ohio, for example, it's go, go, go, grow, grow, grow. It's pretty amazing. And you have that at different levels across the state. But in Central Ohio, it's up and to the right."
Funding Ohio's manufacturing future
TOF leadership sees an opportunity in restoring Ohio's manufacturing prowess.
Flashback: In the mid-20th century, Ohio was a manufacturing powerhouse.
- The state's manufacturing jobs peaked around 1.4 million in the late 60s — today, there are about half as many.
Yes, but: Kvamme and Leach believe manufacturing is coming back to America for a variety of reasons, from tariffs and COVID shifts to labor cost differential and incentives.
- "Why shouldn't it come back to Ohio? We're not making these decisions based on our hearts. It's really more our heads and our wallet," Leach says.
Case in point: In addition to Hyperframe and Eagle Wireless, TOF's portfolio includes infant formula company Bobbie, pet food company Sundays for Dogs, prefab housing manufacturer Connect Housing Blocks and a Cincinnati steel fabricator TOF plans to announce soon.
The big picture: Don't mistake Kvamme for an AI skeptic — in December, he told Columbus' ED411 conference that "AI is impacting everything, and great wealth is being created."
- But manufacturing is still important, he says.
- "At the end of the day, Ohio is where you make things," Kvamme says. "The last time I checked, an AI bot doesn't cook your food. It has to get made by somebody. Someone's got to make the stove, the refrigerator, all those things."