J.D. Vance Got Caught Lying About His Business Record
October 31, 2022
Ohio-Based Venture Capital Fund Partner: Vance “claiming responsibility for creating 1,000 jobs is definitely a reach”
Columbus, OH – A Politico analysis finds that J.D. Vance embellished just how many jobs he created in Ohio — more than 60 times over.
Narya Capital, the venture capital firm that Vance founded, which he has claimed created 1,000 jobs — a number a spokesperson later clarified was closer to 750 — was just one of 46 firms that together invested in three Ohio companies. As one independent expert notes, “If one assumes that each investor can take an equal share of the job creation (which is a reasonable assumption) then at best Narya can claim 750 jobs divided by 46 investors which equals 16 jobs.”
This is just another way Vance’s record has failed to hold up under scrutiny. Previous reporting has shown that the non-profit Vance moved back to Ohio to found – also turned out to be a sham.
“It’s no surprise J.D. Vance lied to Ohioans about his business record – everything Vance has said he would do to help Ohio has really just been to help himself,” said Michael Beyer, a spokesperson for the Ohio Democratic Party.
Read more below:
Politico: J.D. Vance says he’s a job creator in the state of Ohio. Here’s what the numbers show.
October 30, 2022
- Throughout his Senate campaign, GOP candidate J.D. Vance has touted his business credentials as a venture capitalist and job creator for the state of Ohio.
- “My business in Ohio has been involved in investing and supporting the creation of nearly 1,000 jobs just in our state and jobs elsewhere as well,” he said in a recent debate with his opponent, Democrat Tim Ryan. “I believe in investing in our communities, and I’ve actually put my money where my mouth is.”
- A POLITICO analysis of information provided by his venture capital firm and Vance’s financial disclosure forms suggest that 1,000 may be a bit of a stretch. Since it was founded in 2019, Narya, Vance’s venture capital firm, was part of a group of at least 46 investors who together invested in three companies that created a total of about 750 jobs in the state of Ohio between 2019 and 2022.
- “We’re proud to say that, in just over 2.5 years, Narya has already invested in three Ohio companies that have collectively created approximately 750 jobs,” Vance’s partner, Falon Donohue, said in a statement.
- Vance’s business record, including his job creation estimate, is open to interpretation.
- But Jeff Sohl, director of the Center for Venture Research at the University of New Hampshire, noted that Narya was just one of 46 firms that contributed to the investments, so it can’t claim credit for directly creating all 750 jobs.
- “It would be impossible to parse out which investor is responsible for each job created,” Sohl said in an email. “If one assumes that each investor can take an equal share of the job creation (which is a reasonable assumption) then at best Narya can claim 750 jobs divided by 46 investors which equals 16 jobs.”
- A partner at another Ohio-based venture capital fund, granted anonymity to speak freely about Vance’s business record, told POLITICO that “claiming responsibility for creating 1,000 jobs is definitely a reach. We measure job creation based on incremental jobs since our investment.”
- Vance’s business record has been a part of his campaign since at least his launch last July. “What we need in Washington is not just leaders who talk about doing things,” he said at his campaign announcement last year, “but have actually done them and will continue to do them.”
- After the debate, the Vance campaign spokesperson said Vance’s estimate that he had created “nearly” 1,000 jobs comported with their figure of 750, and also pointed to hundreds of additional jobs Vance’s company has invested in outside Ohio.
- Narya’s three Ohio investments are situated near the state’s capital and largest city, Columbus. They are: Branch, an umbrella home and auto insurance provider; AmplifyBio, a commercial drug discovery firm; and Strive Asset Management, an index fund company. None of the three Ohio companies in which Narya has invested count Vance’s firm as their only financial supporter.
- Only one of the Ohio firms Narya invests in — AmplifyBio — returned POLITICO emails seeking clarification about how many jobs Narya’s investments directly support and what median salary they pay. The drug developer said it employs 231 people after a $200 million funding round, to which Narya contributed.
- AmplifyBio may be Vance’s biggest success at Narya, but one for which he cannot claim sole credit. Focused on vaccine technologies along with drug development, the company grew from 120 employees in 2021 after two early stage investments. Narya was one of four investors, which also included Battelle Memorial Institute, Casdin Capital and Viking Capital.
- Branch, the insurance company founded in 2017, employs roughly 400 people, up 300 employees in the last year alone. That growth was fueled by a $147 million fundraising round, led by Weatherford Capital, that Narya participated in along with 11 other firms in June.