Pittsburgh is home to almost 1,500 startups, with most of them related to the tech industry. As the most populous city in West Pennsylvania, it has also attracted many entrepreneurs and angel investors.

Similarly, in Pittsburgh, between 2012 and 2021, the level of annual capital flowing to local tech firms increased more than tenfold to $3.6 billion. This caused more than 70 Venture Capital firms to jump into the startup funding scene to help the city thrive.

Do you also want to secure funding for your startup?

Well, read this detailed guide as we jump onto the list of top 5 angel investors in Pittsburgh.

Top 5 Angel Investors in Pittsburgh

Among hundreds of angel investors and many venture capital firms, we have filtered out some of the top-ranking investors that have diverse investment interests.

Following is the list of such investors.

Innovation Works

Website: Homepage - Innovation Works

Investor Type: Venture Captial Firm

Investment Interests: Life Sciences, Hardware, Manufacturing, SaaS

As the largest and most active investor in Pittsburgh, Innovation Works provides funding to seed-stage startups. The venture capital firm was founded in 1999 by Lisa Greenleaf and has funded nearly 700 companies since.

When funding startups, Innovation Works has a brief screening process. Once a startup makes it to pitching contests, the investors fund startups based on their potential to survive in markets. They strictly focus on businesses that are based on a unique idea and focus on providing real-time solutions.

From their investments, 77 companies have successful exits, resulting in 3.3B in follow-on investment. As for networking events, Innovation Works has a community of over 370 industry, service, and academic partners working together to provide resources needed to solve problems faster on the way to your big breakthrough. They have also arranged many accelerator programs like AlphaLab and AlphaLabGear to help different startups raise funding for their startups.

The investment range of Innovation Works ranges from $50,000-$200,000. Some of their recent portfolio companies are:

Mirror: Mirror is a digital platform that allows users to join support groups. It offers groups dedicated to themes such as grief, new parenthood, career changes, and divorce.

Maroon Assistive Technologies: Also known as Element Exo, this company designs and develops lightweight and approachable exoskeletons designed to make lifting and bending easier. It aims to reduce the risks of overuse injuries for workers who perform repetitive lifting tasks.

Roadies: Roadies is a platform that allows visual artists to offer Art Security Token shares for their artwork. These tokens are based on blockchain technology.

Atelier Ventures

Website: Atelier Ventures

Investor Type: Venture Captial Firm

Investment Interests: Creator Economy, Future of Work

Atelier Ventures is a venture capital firm that funds early-stage startups. It was founded in 2020 by Li Jin and has funded 16 startups. 

Since its inception, Atlier Ventures has always funded deserving startups that had the ability to bring a positive change to the creator sector. The network consists of many experienced entrepreneurs and mentors who provide the best guidance to these startups.

Throughout the year, Atelier Ventures arranges many workshops, helping its portfolio startups successfully exit.

The investment range of Atelier Ventures ranges from $100,000 to $300,000. Some of their investments are:

Stir: Stir is a platform that provides tools for creators to manage and grow their businesses. It offers features like revenue sharing for creators and teams, a community-run publication for sharing creator stories, and a canvas powered by AI.

Patreon: Patreon is a famous platform that allows online creators to earn an income by offering subscription services to their fans. It enables creators to receive funding directly from their fans.

Substack: Substack is a platform that allows writers to start their own subscription-based newsletters.

Connetic Ventures

Website: Connetic-Ventures – Accessible Venture Capital 

Investor Type: Venture Captial Firm

Investment Interests: Consumer, Fintech, Big Data & Analytics, Government Technology, SaaS

Connetic Ventures is the first venture capital firm that has utilized AI in its screening tests. The network was founded by Brad Zapp in 2014 and has made 136 investments in many sectors.

The firm uses AI analyst for their screening tests. They do not conduct any on-site pitching competitions, allowing different ventures to pitch online and secure direct funding. Currently, Connetic Ventures has invested all across North America; they mostly arrange online mentorship programs to help their companies benefit from expert guidance.

Moreover, Connetic Ventures has a brief verification process before they fund startups. As mentioned, the firm doesn't arrange any on-site pitching competitions, which is why they invest a lot of time and money into verifying whether a startup is worth the investment.

The investment range of Connetic Ventures ranges from $250,000 to $500,000.

1Fort: 1Fort is a company that streamlines the cyber insurance application and renewal process from top insurers. It allows businesses to implement security controls.

Chezuba: Chezuba is a Corporate Social Responsibility platform that provides a solution for all corporate social responsibility needs. It helps engage employees through volunteering and giving, build an impact brand, and drive purpose in the corporate culture.

TonDone: TonDone is a business operating system for building and facility service companies.

3 Rivers Capital, LLC

Website: 3 Rivers Capital

Investor Type: Venture Captial Firm

Investment Interests: Tech, Healthcare, Finance, Weapons Manufacturing, and Consumer Products.

3 Rivers Capital is another venture capital firm that is actively funding startups in Pittsburgh. The network was founded in 2005 by partners Dale Buckwalter, Bob McGuire, and Rob Carskadden. With over 15-20 years of experience in the startup industry, these founders have funded almost 40 startups, most at the early and seed stages.

As for investment interests, 3 Rivers Capital usually funds small private companies seeking capital for growth. They primarily focus on acquiring family and entrepreneur-owned businesses where they can generate high ROI and fund more startups.

Like many other investors, 3 Rivers Capital also conducts many networking events. The mentors also guide their portfolio companies by arranging regular workshops.

However, there are no records of startup accelerators or public mentorship programs hosted by the firm.

The investment range of 3 Rivers Capital ranges from $150,000 upto several million dollars, depending on the startup. Recent companies in their portfolio are:

Amazing Care: Amazing Care is a pediatric home health provider.

PAT Tank, Inc: PAT Tank is a full-service, vertically integrated steel fabricator and contractor specializing in the construction and repair of tanks.

R3 Wound Care and Hyperbarics: R3 Wound Care and Hyperbarics is a leading provider of high-quality outpatient wound care clinics and hyperbaric oxygen therapy ("HBOT") centres.

Magnum Systems: Magnum Systems is a manufacturer of branded material handling systems, components, and parts, as well as an integrator of automation solutions.

Ashok Trivedi

Investor Type: Individual

Investment Interests: Tech, Event Management, and Healthcare.

Ashok Trivedi is one of the most active and biggest individual angel investors in Pittsburgh. He is the Co-Founder of Mastech Inc., IGATE, and is currently a Managing Partner at SWAT Capital. With almost 2 decades of experience in the entrepreneurial industry, Trivedi funds a wide range of sectors.

Throughout the year, Ashok Trivedi looks for several deserving startups and provides them with funding. He invests with the criteria that startups should generate 3-5 times the ROI within 3 years.

Once invested, Ashok Trivedi also guides his portfolio companies through mentorship. Currently, he doesn't have any records of arranging any networking events or accelerator programs.

The investment range of Ashok Trivedi ranges from $25,000 to $100,000. From his 55 investments, some of his portfolio companies are:

CBay Systems: CBay Systems is one of the fastest-growing companies in the healthcare BPO industry.

Cvent: Cvent is an event management technology company that provides a platform for in-person, virtual, and hybrid events & webinars. It offers services such as event registration, mobile event apps, check-in, and badging.

Wrap Up

Wrapping up, angel investors can definitely play a huge role in making your startup successful. While most investors are known for their investments, their guidance and mentorship also play a huge role in the success of these startups.

Before attending pitching competitions, work on your pitch deck and research the interests of potential investors. Search online for past pitch competitions, as these can help you predict what questions might be asked during your presentation.

Finally, remain confident through the pitch representation and present your startup as investable. Even if you can't secure an investment, pitch to other investors who might be interested in the related startup sector.

Frequently Asked Questions