Contact: Barbara Grimsley - (513) 534-6791
News Release
Fifth Third Bank Launches New Direct Investment Program
Inaugural Investment Awarded to Marketing Optimization Software Company
02/21/12
Cincinnati - Fifth Third Bank has launched a new Direct Investment Program to invest in early stage companies to support a strong, entrepreneurial business community within Fifth Third Bank’s commercial market footprint. The Bank’s purpose for this program is to help accelerate job growth in a recovering economy and to earn a strong financial return. Fifth Third Bank has engaged West Capital Advisors, LLC, a Cincinnati-based company that co-manages strategic investments for corporations, to assist in the development and execution of this new program.
Fifth Third Bank has made an initial investment in ThinkVine, a Cincinnati-based, marketing optimization software company, as part of this new program. ThinkVine plans to use the net proceeds of this investment to accelerate its product roadmap by adding several capabilities and product features, to invest in more targeted sales and marketing efforts and to continue to build a strong team to meet the increased demand for its marketing optimization software.
“We selected ThinkVine as our initial investment because it had developed a business model that was not only repeatable but that had shown results,” says Vanessa Indriolo Vreeland, senior vice president and managing director of private equity group lending for Fifth Third Bank. “ThinkVine has developed highly-differentiated software for business-to-consumer marketers. The company has a talented management team that is driving growth and creating jobs. It offers the Bank an opportunity for a strong or appropriate risk-adjusted return on its investment, and it is exactly the type of business we want to support as part of our new investment program.”
The average investment size for Fifth Third’s new direct investment program is expected to be $250,000 to $1,000,000 per round in a funding series. Criteria Fifth Third Bank will consider in selecting companies include:
- Early stage entrepreneurial business with an initial product or service developed and a customer validated business model that is repeatable.
- Products and services offered must be unique solutions, which address a large and compelling market and offer a competitive advantage.
- Company has generated revenue or has an appropriate time frame for expected revenue creation.
- Company is located within Fifth Third Bank’s commercial footprint.
“Through this new program, Fifth Third Bank seeks to participate in providing funding for companies that have matured beyond the initial stages of development with a strong business model and a knowledgeable management team able to take the organization to the next level. We see this as an excellent opportunity to support entrepreneurs and their innovation initiatives in Ohio that have emerged over the last decade.” adds Vreeland.
Fifth Third Bancorp is a diversified financial services company headquartered in Cincinnati, Ohio. The Company has $117 billion in assets and operates 15 affiliates with 1,316 full-service Banking Centers, including 104 Bank Mart® locations open seven days a week inside select grocery stores and 2,425 ATMs in Ohio, Kentucky, Indiana, Michigan, Illinois, Florida, Tennessee, West Virginia, Pennsylvania, Missouri, Georgia and North Carolina. Fifth Third operates four main businesses: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. Fifth Third also has a 49% interest in Vantiv, LLC, formerly Fifth Third Processing Solutions, LLC. Fifth Third is among the largest money managers in the Midwest and, as of December 31, 2011, had $282 billion in assets under care, of which it managed $24 billion for individuals, corporations and not-for-profit organizations. Investor information and press releases can be viewed at www.53.com. Fifth Third's common stock is traded on the NASDAQ® National Global Select Market under the symbol "FITB."