New Ventures Group Sees Marked Growth

New Ventures Update

Date: February 16, 2022

Don’t underestimate the booming Midwest venture capital market or Thompson Hine’s New Ventures group. The end of FY 2021 saw marked growth in venture capital funding in the Midwest, and the group was a key player on the legal side as it closed more than 120 transactions since June, averaging more than $11.2 million per transaction and totaling over $1.4 billion invested in startups. The firm’s New Ventures team was at the heart of it all, representing companies, corporate VCs and investors.

Midwest Growth Amplified

Despite the continuing pandemic, venture capital investment in the Midwest, particularly in Illinois and Ohio, saw tremendous growth over the past decade. Concerted efforts by state and local governments and public-private partnerships across the Midwest, like those of the Ohio Development Services Agency, Illinois Ventures and Indiana Economic Development Corporation, increased startups’ access to venture capital dollars and other investments.

The Q3 2021 Venture Monitor, published by PitchBook and the National Venture Capital Association, notes that more than $7.7 billion of the venture dollars invested in the first nine months of the year were invested in Illinois and Ohio, representing over 3.2% of the total nationwide venture capital investment. Although the Bay Area continues to receive most of the funding, areas often classified as “nontraditional” saw upticks in sums of capital deployed, numbers of deals and percentages of the venture market these regions comprise.

We represented either the investor or the startup in more than 17% of these transactions by dollar volume and Jonathon H. Vinocur, chair of the New Ventures group says, “We see no signs of our involvement in these transactions slowing given the number of transactions we already have slated to close in the first quarter of 2022.”

Distinguished Team Focused on VC

Thompson Hine’s involvement in such a large volume of transactions, both throughout the Midwest and beyond, contributed to the firm’s recently earning a national first-tier ranking in Venture Capital Law in the U.S. News – Best Lawyers® 2022 “Best Law Firms” rankings, with partner Jonathan H. Vinocur and Lindsay Karas Stencel, partner and chair of the Fund Formation practice group also garnering national recognition.

The New Ventures group is acutely focused on representing startups and venture capital investors across the country. Its diverse team of seasoned attorneys is intimately familiar with all facets of the venture transaction and understands every step of the funding process, making the attorneys in the group a true asset to our clients.

The group represents high-growth companies of all sizes and stages in industries including technology, health care, life sciences, consumer products, nanomaterials, transportation, communication, medical devices and more. Our attorneys guide clients through their growth and funding cycles, offering customized counsel on everything from day-to-day legal matters to funding to exits. For more information, visit

About Thompson Hine

Thompson Hine LLP, a full-service business law firm with approximately 400 lawyers in 8 offices, was ranked number 1 in the category “Most innovative North American law firms: New working models” by The Financial Times and was 1 of 7 firms shortlisted for The American Lawyer’s inaugural Legal Services Innovation Award. Thompson Hine has distinguished itself in all areas of Service Delivery Innovation in the BTI Brand Elite, where it has been recognized as one of the top 4 firms for “Value for the Dollar” and “Commitment to Help” and among the top 5 firms “making changes to improve the client experience.” The firm’s commitment to innovation is embodied in Thompson Hine SmartPaTH™ – a smarter way to work – predictable, efficient and aligned with client goals. For more information, please visit and


For more information about Thompson Hine’s New Ventures practice group visit our QuickLaunch website or contact the team members below.

Lindsay Karas Stencel

Jonathon H. Vinocur

© Thompson Hine LLP. This publication is intended to inform clients about legal matters of current interest. It is not intended as legal advice. Readers should not act upon the information contained in it without professional counsel. This document may be considered attorney advertising in some jurisdictions.