March 1, 2016
Advantage Capital Partners announced today investments in three Ohio companies — Cleveland HeartLab, Inc., DOmedia, LLC and Global Cooling, Inc. Over the past 12 months, Advantage Capital has invested a total of $10.89 million into five separate businesses with the help of the federal New Markets Tax Credit program and the Ohio New Markets Jobs Act.
“Two-thirds of new private-sector jobs are created by small businesses in our nation,” said State Senator Bill Beagle (R-Ohio). “The New Markets Tax Credit program helps to ensure that small businesses have the access to capital needed to grow and promote economic development in Ohio.”
Cleveland HeartLab, a provider of cardiovascular testing, enables doctors to identify patients at risk for heart attack or stroke who would not otherwise be identified. The company plans to use the funding to focus on growth opportunities.
Columbus-based DOmedia, a marketplace for out-of-home media, will use the capital to expand its suite of media buying tools to advertising agencies of all sizes, pursue additional inventory pricing and availability and support the ramp up of the company’s hiring initiatives within sales, marketing and information technology.
Located in Athens, Ohio, Global Cooling develops and manufactures the Stirling Ultracold brand of ultra-low temperature freezers, which cool at temperatures below -80 degrees Celsius. The company will use the New Markets funding to focus on new growth opportunities and to expand manufacturing.
“We are excited about our diverse portfolio in the state — from a company that is improving doctors’ vision during surgery to a business that is revolutionizing the way out-of-home media is bought and sold,” said Chris Harris, Senior Vice President at Advantage Capital. “Ohio has an excellent entrepreneurial ecosystem, and we are excited to provide capital that will help grow these businesses and bring more competitive jobs to the state.”
In addition, Advantage Capital made investments in Columbus-based FloShield, a manufacturer of products that improve the clarity of visualization during laparoscopic procedures, and Athens-based Ultimate Air, an engineering and manufacturing firm specializing in high-efficiency Energy Recover Ventilation (ERV) systems and supporting accessories.
