US-based consumer goods company Procter & Gamble is reportedly helping US state Cincinatti invest at least $55m in venture capital in its region, according to news provider Cincinatti Enquirer. The city’s Roebling Suspension bridge is pictured.
It has loaned its Jeff Weedman, vice president of global business development, to the project called Cintrifuse for two year, Procter & Gamble confirmed, although it said it could not yet confirm who would take on Weedman’s responsibilities during the period. The project will include a 27,000-square-foot campus in Over-the-Rhine for members of the start-up community, the Enquirer added.
Procter & Gamble is investing “an eight digit” sum in the venture fund.
The fund has also received investments from local institutions Western & Southern Financial Group, Duke Energy, Cincinnati Children’s Hospital Medical Center and the University of Cincinnati. The University of Cincinnati is considering investing $10m, the Enquirer added.