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Heartland Ventures is a private capital firm founded in 2016 and based in Columbus, Ohio. The firm specializes in connecting early-stage startups with industrial operators across various sectors, including manufacturing, logistics, real estate, and construction. Heartland Ventures has raised over $140 million across its funds, with a current fund size of $60 million for Fund III, which had its first close in January 2026. The firm operates primarily in North America, focusing on the Midwest region, and has established a unique network of nearly 1,000 industrial owner-operators.
Since its inception, Heartland Ventures has invested in 25 companies, emphasizing the importance of validating ideas and accelerating revenue for its portfolio. The firm’s approach is distinct in that it not only provides capital but also facilitates connections with potential customers and partners, particularly family-owned businesses in the lower middle market. This model has proven effective in driving innovation and supporting the reindustrialization of America.
Heartland Ventures has notable milestones, including successful exits such as Firmus AI, acquired in September 2025. The firm continues to actively engage with its portfolio and the startup ecosystem, reinforcing its commitment to fostering innovation in the industrial sector.
Heartland Ventures invests in early-stage startups that develop technology relevant to industrial sectors, specifically targeting logistics, manufacturing, real estate, and construction. The firm focuses on pre-seed, seed, seed-plus, and Series A stages, with check sizes ranging from $500,000 to $3 million. This investment strategy is designed to connect startups with a network of over 800 industrial operators, facilitating early adoption of technology and providing valuable insights into market needs.
The firm emphasizes its unique approach of linking startups with family-owned businesses in the lower middle market, which often serve as potential early adopters of new technologies. Heartland Ventures seeks founders who demonstrate a strong understanding of their market and possess the ability to leverage the firm’s extensive network for customer-led diligence and revenue acceleration. This model not only provides financial backing but also strategic insights that are crucial for growth.
Heartland Ventures has built a diverse portfolio of 25 companies since its founding. Notable portfolio companies include:
This portfolio reflects Heartland Ventures' commitment to investing in technology that enhances industrial operations and drives innovation across various sectors.
Max Brickman - Founder & Managing Director. Max has led all three funds since the firm's inception in 2016. He emphasizes the importance of connecting startups with insights from industrial operators.
Braden Lambros - Partner, Community. Braden focuses on building relationships within the community and enhancing the firm's network of industrial operators.
Conor McGuinness - Partner, Community. Conor works alongside Braden to strengthen community ties and support portfolio companies.
Daniel Corbett - Principal, Private Equity. Daniel brings expertise in private equity investments and supports the firm's strategic initiatives.
Melissa Gundling D’Elia - Vice President, Community. Melissa plays a key role in community engagement and portfolio support.
Koby Doughty - Associate, Revenue Operations. Koby focuses on revenue strategies for portfolio companies.
Milan Joshi - Senior VP, Private Equity. Milan oversees private equity investments and contributes to fund management.
Mary Kenney - Principal, Community. Mary is involved in community outreach and portfolio development.
Hannah Milgrom - Executive Assistant. Hannah supports the team with administrative tasks and coordination.
Lucas Pasch - Principal, Venture Capital. Lucas focuses on venture capital investments and portfolio management.
Tom Williams - Principal, Community. Tom engages with the community and supports portfolio companies.
Mark Accomando - Venture Partner. Mark provides strategic insights and guidance to the firm.
Startups interested in pitching to Heartland Ventures should visit their website at heartlandvc.com. The firm prefers pitches that include a clear overview of the technology, market potential, and how the startup plans to leverage Heartland's network of industrial operators. Founders should be prepared for a thorough evaluation process, as the firm emphasizes customer-led diligence.
Response times may vary, but startups can expect to hear back within a few weeks after submitting their pitch. Warm introductions are encouraged, as they can facilitate a more favorable review process.
In January 2026, Heartland Ventures announced the first close of Fund III, targeting $60 million, which raised total capital across all vehicles to over $140 million. This fund aims to power America's reindustrialization by connecting startups with industrial operators.
Heartland Ventures has invested in 25 early-stage companies since its founding, with notable exits including Firmus AI, which was acquired in September 2025. The firm continues to actively deploy capital from Fund III, reinforcing its commitment to innovation in the industrial sector.
What are Heartland Ventures' investment criteria?
Heartland Ventures focuses on early-stage startups in the industrial sectors, particularly logistics, manufacturing, real estate, and construction. They seek companies that can leverage their network of industrial operators for customer-led diligence and revenue acceleration.
How can startups apply or pitch to Heartland Ventures?
Startups can pitch to Heartland Ventures through their website at heartlandvc.com. They encourage founders to provide a clear understanding of their market and how their technology can benefit industrial operators.
What makes Heartland Ventures different from other venture capital firms?
Heartland Ventures distinguishes itself by connecting startups with a vast network of nearly 1,000 industrial owner-operators, facilitating early adoption of technology and providing strategic insights that are crucial for growth.
What is the geographic scope of Heartland Ventures?
The firm primarily operates in North America, with a strong focus on the Midwest region, including cities like Columbus, Cincinnati, and Indianapolis.
What is the typical fund size and check size for investments?
Heartland Ventures has a current fund size of $60 million for Fund III, with check sizes typically ranging from $500,000 to $3 million, depending on the stage of investment.
What kind of post-investment involvement does Heartland Ventures have?
Heartland Ventures actively engages with its portfolio companies, providing access to its network of industrial operators for customer connections and strategic insights, effectively acting as an outsourced R&D resource.
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