Fundraising Q2, 2025: Ohio

Ohio’s startup fundraising was impressive in the second quarter of 2025, closing out April, May, and June with a total haul of $424 million. This marks the best quarter for the state since Q2 of 2024, when the figure was $473 million. Compared to the first quarter of 2025, Ohio’s fundraising rose from $90.1 million, an extraordinary 4.7 times increase that underscores the fact that venture capital activity within the state bucked national and international norms.

On a year-over-year basis, however, Ohio’s Q2 performance was down about 10% from the $473 million secured in the same quarter of 2024. Still, the growth over the longer term is robust, with Q2 2025’s total representing a 22% increase over the $347 million raised two years ago in Q2 2023. This trend points to a steady maturation, despite the broader turbulence in the national funding landscape.

Dominating the fundraising in Ohio this quarter was Astronomer. Yes, THAT Astronomer. The data orchestration startup now claims an NYC HQ, but our data shows them as being based in Cincinnati and, with roots firmly planted in Ohio through its founders and early development, we’ve no reason to question that info. Although, we will say that when your editor says “hey we should do a series of stories on fundraising in each state as soon as the quarter is over”, then you should listen. We could’ve gone viral if only we’d been a tad faster… 

Anyways, back to the fundraising. 

According to Dealroom data, Astronomer secured a $93 million Series D round in May 2025, the largest single deal in the state during the quarter. This sizable infusion no doubt allows them to be able to afford the Gwyneth Paltrow as a ‘temporary spokesperson’. At least with these funds, there’s no reason to think we need to ‘Fix You’. Ok, we’ll stop now.

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Following Astronomer in deal size were media and content business Shipyard*, which closed an $80 million convertible note, and Assetwatch, a predictive monitoring solution for industrial equipment which raised a $75 million Series C round. These deals, together with Astronomer’s, accounted for a significant portion of the $424 million total but also highlighted the diversity of sectors attracting capital in the state at the moment, from data infrastructure to logistics and asset management solutions.

With 29 deals officially recorded with an amount declared against them, Ohio’s startup fundraising ecosystem was particularly vibrant in Q2. The state was second only to Illinois in the Midwest. The average size of these deals was $14.6 million, indicative of relatively mature rounds, with 19 of the 29 exceeding the million-dollar mark. Which makes us wonder: how many announcements were publicized amidst a generally cautious media environment?

It’s important to frame Ohio’s performance within the broader national context for Q2 2025, a period marked by a downturn in startup fundraising across the U.S. 

Venture funding saw a steep 43% quarterly decline nationwide, with major innovation hubs like California and Massachusetts experiencing 57% and 21% drops, respectively. Against this backdrop, Ohio’s relatively strong quarter, with a near fivefold quarterly increase, is a notable outlier and a beacon of resilience.

As Midwest states continue to cultivate their startup ecosystems, these Q2 2025 fundraising figures in Ohio will hopefully act as a harbinger of renewed confidence and investment. Most especially the average size and the variety and diversity of deals indicates a local landscape that is evolving. Nice work, Buckeyes.

*Some may question the validity of including such businesses in lists like this. Our attitude is simple: we let the data aggregators make that decision and report the presence of each business, including the funds raised. Our interest is in the economy, and for this reason the fact is if you’re making one of these lists, you’re in a position to scale, grow, hire and innovate. And that’s what matters the most.