Plymouth Growth Partners has invested over $10 million in Indiana tech companies, including $5.75 million in 2016

TechPoint, the growth initiative for Indiana’s technology ecosystem, has announced that Plymouth Growth Partners and Plymouth Partner Jeff Barry will be recognized as Investor of the Year during the 18th annual TechPoint Mira Awards on April 29, at The Westin Indianapolis. The Mira Awards is Indiana’s longest-running and most prestigious awards program recognizing excellence and innovation in technology.

The Investor of the Year Award recognizes an angel investor or investment firm principal who brings money plus exceptional connections, advice and attention to Indiana companies.

An independent panel of experts selected Plymouth Growth Partners for the risks taken and investments made in Indiana tech firms — specifically two large 2016 investments in internet of things (IoT) convener ClearObject (formerly CloudOne) and cloud solutions integrator Kinney Group, both fast-growing scale-up companies.

The Mira Awards judges noted that the financial investments were important in making their decision, but that the positive working relationships Plymouth has built with its Indiana-based portfolio companies and the VC firm’s dedication to helping the state’s tech community grow were major factors.

Ann Arbor, Mich.-based Plymouth Growth Partners, which recently changed its name from Plymouth Ventures, is a growth-stage venture capital firm that specializes in Midwest tech companies, primarily software, advanced manufacturing and materials, telecommunications and medical devices. Current investments are through the firm’s $61 million third fund.

“As more Indiana tech companies enter scale-up mode and rapidly accelerate growth, venture capital becomes critical resource,” said Mike Langellier, President and CEO of TechPoint. “Indiana needs more out-of-state venture capital firms investing not only money but also time, experience, and connections to help Indiana tech companies grow into market leading major employers. Plymouth Growth Partners has shown a willingness and ability to do that in material ways.”

In 2016, Plymouth Growth Partners closed on over $13 million in investments including the two Indiana rounds totaling $5.75 million. Plymouth seeks out growth-stage companies with scalable technologies in the Great Lakes region (as far west as Madison, Wis., as far east as Pittsburgh, Penn., and as far south as Cincinnati, Ohio) that have a minimum of $1 million in revenue.

John McDonald, CEO, ClearObject said that the relationship with Plymouth Growth Partners marked a significant turning point for his company. The investment was the first out-of-state venture capital for ClearObject and Plymouth partners including Jeff Barry, Evan Ufer and Ian Bund have gone above and beyond in contributing to the company’s success.

“Plymouth brought a new sense of professionalism and focus to our board of directors, encouraging high standards of interaction and process that have raised our team to a new level,” McDonald said. “More importantly, they have leveraged their relationship with us to become active in the Indiana venture scene, investing in other companies and actively inquiring and meeting with governmental, entrepreneurial and venture organizations in our state to bring their experience, investment capital and insight to our technology community.”

Jim Kinney, CEO, Kinney Group said: “Jeff Barry and the team at Plymouth are tremendous people to work with. They are committed to developing more investments in Indiana tech companies like they have with us at Kinney Group because they believe there is a lot of untapped potential in our market. Having a firm that is consistently putting out $10 to $20 million in investments in Midwest technology companies year after year has an impact on our tech communities that is difficult to overstate. ”

In addition to the Investor of the Year Award, TechPoint recognizes people, products and companies in a dozen competitive tech categories, three public voting People’s Choice categories, and two other special industry recognitions.

All winners will be announced and recognized at the sold-out, black-tie awards ceremony and gala featuring a reception and three-course seated dinner with live entertainment on Saturday, April 29th, at The Westin Indianapolis.

ABOUT TECHPOINT

TechPoint is the nonprofit, industry-led growth initiative for Indiana’s technology companies and overall tech ecosystem. The team is focused on attracting talent, accelerating scale-up companies, activating the community, and amplifying stories of success. For more, visit techpoint.org.

ABOUT PLYMOUTH GROWTH PARTNERS

Plymouth Growth Partners (formerly Plymouth Ventures) invests in growth stage businesses throughout the Great Lakes region. With over 100 years of combined investing experience, Plymouth takes a flexible approach to partnering with management teams, helping to drive growth, build value and realize full potential. Plymouth focuses on B2B product and services companies that have scalable technology and proven growth. Based in Ann Arbor, Michigan, Plymouth Growth Partners has over $100 million under management and is actively investing out of its third fund. For more information on Plymouth Growth Partners and its investments, please visit www.plymouthgp.com.