Cintrifuse to get $25M for new accelerator from P&G
P&G to provide $25M; 6 others to provide $30M more.
P&G's Jeff Weedman is Cintrifuse CEO
Cintrifuse, a new not-for-profit accelerator in Cincinnati (new as in their first tweet was on July 30 and an essentially empty web page as of this morning) has landed a big infusion of funds. Big is an understatement: $25Million will come from Proctor&Gamble and up to $30Million more from others, according to an article in today's Cincinnati Enquirer online version. In addition to $25M for P&G, Cintrifuse also plans to get $10M from the University of Cincinnati and $5M each from four other groups. All this is based on a memo that the newspaper found under the Ohio Open Records act. The actual memo can be found here. Jeff Weedman (pictured below) is being loaned by P&G to be CEO of Cintrifuse Hub.
Cintrifuse, located in the Over-the-Rhine district of Cincinnati, will have two components: the Cintrifuse Hub and the Cintrifuse Fund, The Hub is the accelerator space and the Fund is, well, a venture capital fund. Cintrifuse will certainly be a well-capitalized operation which is good. We'll watch how it develops to see how successful it will be. An enterprise this big should provide a lot of opportunity for people with expertise in running and administering accelerators.
The first few pages of the memo make interesting reading. The balance deals mostly with options about how the University of Cincinnati will provide its share of funds.