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Refinery Ventures is a venture capital firm founded in 2017 and headquartered in Cincinnati, Ohio. The firm specializes in investing in early-scale technology companies that have demonstrated product-market fit. Refinery Ventures has a strong commitment to supporting exceptional leaders and entrepreneurs by providing both capital and mentorship during critical stages of growth.
As of now, Refinery Ventures manages a total of $36 million across its funds, with a focus on companies in North America, particularly in the United States. The firm has built a diverse portfolio of 15 companies, showcasing its ability to identify and nurture high-potential startups. Refinery Ventures has established relationships with limited partners such as Cintrifuse, Great American Insurance, Western & Southern Insurance, and The Cleveland Foundation, which contribute to its financial backing.
Refinery Ventures has achieved notable milestones, including successful exits such as HALO Health and ENGAGE Talent. The firm continues to evolve, focusing on sectors like healthcare, media, marketing, digital health, and artificial intelligence, while maintaining a strong presence in the Midwest startup ecosystem.
Refinery Ventures invests primarily in early-scale technology companies that are on a trajectory towards Series A funding. The firm targets sectors including healthcare, media, marketing, digital health, and artificial intelligence. Refinery Ventures seeks to partner with founders who possess unique insights and a clear vision for transforming their industries. The firm emphasizes the importance of mentorship and operational support, aiming to help founders navigate the challenges of scaling their businesses.
The investment stages for Refinery Ventures include pre-seed, seed, and Series A, with check sizes typically ranging from $1 million to $2 million. The firm is particularly interested in companies that demonstrate high growth potential and consistent revenue streams. Refinery Ventures adopts a hands-on approach, providing not only capital but also strategic guidance to help portfolio companies bridge the gap from seed to Series A.
Refinery Ventures has built a diverse portfolio of 15 companies across various sectors. Notable portfolio companies include:
Tim Schigel: Managing Partner. Tim is the founder of Refinery Ventures and has a background in building and scaling technology companies. He previously founded ShareThis, where he served as CEO, and created the Cintrifuse Syndicate Fund, raising $57 million. Tim is also an active speaker and host of the "Fast Frontiers" podcast.
Abby Fittes: Director of Operations. Abby plays a key role in managing the firm's operations and supporting portfolio companies.
Peter Schmidt: Principal. Peter is involved in sourcing and evaluating investment opportunities, leveraging his experience in venture capital.
Patrick Gilligan: Associate. Patrick supports the investment team in various capacities, including due diligence and portfolio management.
To pitch Refinery Ventures, founders should reach out through their contact page at refinery.com/contact or via email at cold@refinery.com. It is important to include a detailed overview of the business, including the market opportunity, team background, and any traction achieved. The firm prefers pitches that clearly articulate the startup's vision and growth potential.
Response times may vary, but founders can expect to hear back within a few weeks. Warm introductions are encouraged, as they can help facilitate the review process.
Refinery Ventures runs the X15 Leadership Expedition, a program designed for leaders ready to build and scale their companies. This program focuses on growth leadership and includes a curated talent network for individuals with hypergrowth experience.
In January 2022, Refinery Ventures closed its second fund, Fund II, with a total size of $36 million. This fund aims to support early-scale technology companies on their path to Series A funding.
Refinery Ventures has achieved notable exits, including the acquisition of HALO Health by Symplr and ENGAGE Talent by Workforce Logiq. These successful exits highlight the firm's ability to identify and nurture high-potential startups.
As of April 2023, Refinery Ventures continues to actively seek new investment opportunities in sectors such as healthcare, media, marketing, and AI, while maintaining a strong presence in the Cincinnati startup ecosystem.
What are Refinery Ventures' investment criteria?
Refinery Ventures focuses on early-scale technology companies that have demonstrated product-market fit. They invest in sectors such as healthcare, media, marketing, digital health, and AI, targeting companies on a trajectory towards Series A funding.
How can I pitch Refinery Ventures?
Founders can pitch Refinery Ventures by reaching out through their contact page at refinery.com/contact or via email at cold@refinery.com. It is recommended to include a clear overview of the business model, market opportunity, and team background in the pitch.
What makes Refinery Ventures different from other investors?
Refinery Ventures emphasizes mentorship and operational support in addition to capital investment. Their team has extensive experience in building and scaling companies, which they leverage to help portfolio companies navigate growth challenges.
What is the geographic scope of Refinery Ventures?
The firm primarily invests in North America, with a strong focus on the United States. However, they are open to opportunities outside the Midwest region.
What is the typical check size for investments?
Refinery Ventures typically invests between $1 million and $2 million in their portfolio companies, focusing on early-stage funding rounds.
What kind of post-investment involvement can founders expect?
Founders can expect active involvement from Refinery Ventures post-investment, including mentorship, operational support, and assistance in navigating the path to Series A funding.
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