Refinery Ventures

Refinery Ventures is a Cincinnati-based venture capital firm that specializes in "early scale" companies, specifically those bridging the gap between post-seed and Series A funding rounds. Founded with a mission to not only provide capital but also active mentorship and strategic guidance, the firm aims to transform promising startups into market leaders. Their approach is hands-on, focusing on helping companies navigate the critical growth phase where they transition from product-market fit to scalable operations and revenue generation.

The firm targets B2B software companies, with a particular interest in sectors such as FinTech, Healthcare IT, and Supply Chain. Refinery Ventures seeks out businesses that have demonstrated initial traction, typically with annual recurring revenue (ARR) in the range of $1 million to $5 million, indicating a validated business model ready for accelerated growth. Beyond capital, Refinery Ventures prides itself on being an operational partner, leveraging its team's deep entrepreneurial and operational experience to assist portfolio companies with strategic planning, talent acquisition, and market expansion.

Refinery Ventures has successfully raised two funds to date. Their inaugural fund, Fund I, closed at $25 million, allowing them to establish their investment thesis and build an initial portfolio. Following this success, they closed Fund II at $50 million, significantly expanding their capacity to support early-scale companies. The firm typically deploys initial checks ranging from $500,000 to $2 million, often participating in larger funding rounds that can be between $2 million and $10 million. They also reserve significant capital for follow-on investments to support their portfolio companies through subsequent growth stages.

While based in Cincinnati, Refinery Ventures maintains a strong focus on the Midwest region, aiming to foster the burgeoning tech ecosystem in the heartland. However, their investment mandate is not strictly limited geographically, and they are open to opportunities across the United States where they can identify compelling early-scale companies that align with their investment criteria and where their operational expertise can add substantial value. Their commitment to active partnership underscores their belief in building long-term relationships with founders to drive sustainable success.