For quite long, we have heard that West Virginia’s startup scene will soon accelerate. But, when will that time come? When will investors finally focus on a wide range of startups and help entrepreneurs boom the economy?

To your surprise, this will happen in 2024. According to a report by The New York Times, Tech Titan is going to turn West Virginia into a startup this year. 

Many angels have focused their eyes on deserving ventures that have the potential to grow. 

So, are you ready to dive into the list of the top 7 angel investors in West Virginia? Let’s get started.

Top 7 Angel Investors in West Virginia

Following is the list of some of the top-ranking investors in West Virginia. However, it is important to know that most of the famous angels have joined angel networks or VC firms and fund startups collectively. 

Country Roads Angel Network

Website: Country Roads Angel Network - West Virginia (wvcran.com)

Investor Type: Venture Capital Firm

Investment Interests: Tech and Healthcare

Investment Stage: Early

The Country Roads Angel Network (CRAN) is an angel investment firm based in West Virginia. It was founded in 2019 by Kevin Combs and has funded around 12 startups. With a strong focus on tech-based companies, CRAN funds startups at the early stage and is headquartered in Charleston. 

When funding startups, CRAN assesses each opportunity on a case-by-case basis. The network functions as a choice of participation by individual investors and individual opportunity rather than a fund or required investment. Their members invest only the amount of money they choose, which gives flexibility to every deal.

The investment range of Country Roads Angel Network lies between $10,000 to $100,000. Some of their startup fundings are:

Iconic Air: Iconic Air is a data analytics company that focuses on environmental performance, operating primarily in the software as a service (SaaS) sector. The company provides a carbon accounting platform to calculate, visualize, and report emissions data more frequently.

Parthian Battery Solutions: Parthian Battery Solutions is a startup company that recertifies and repurposes post-consumer lithium-ion batteries. The company’s technology is used by automakers to retire their electric vehicle batteries.

Endolumik, Inc.: Endolumik is a surgical device company that develops a fluorescence-guided esophagogastric calibration system for use in surgery.

WVV Capital

Website: WVV Capital

Investor Type: Venture Capital Firm

Investment Interests: Healthcare, manufacturing, building technology, insurance, and financial technology

Investment Stage: Seed

 WVV Capital is a next-generation Venture Capital firm founded as a joint partnership between Advocate Health, Foxconn, Johnson Controls International, and Northwestern Mutual. It was founded in 2018 by Jason Franklin. They provide startups with the investment and also build relationships between leading corporations including Global 100 and Fortune 500 corporations.

The firm is headquartered in Milwaukee, Wisconsin and arranges many startup events to boost the entrepreneurial landscape. 

The investment range of WVV Capital is around $500,000. Some of their portfolio companies are:

Blueberry: A company that offers services and solutions that empower customers to embrace technology to grow.

Caspar: An online virtual rehabilitation platform offering tela-therapeutic care to patients.

SignalWire: SignalWire is a developer of an open-source enterprise communication platform. It has raised a total of $41.6M in funding.

Siris Medical: Siris Medical is a developer of a radiotherapy treatment decision support system designed to inform clinicians of treatment plan outcomes in real time.

Vantage Ventures

Website: Vantage Ventures

Investor Type: Venture Capital Firm

Investment Interests: Employee Management, Software, Digital Businesses, and Management. 

Investment Stage: Seed 

Vantage Ventures operates as a venture capital firm and invests in seed and growth-stage companies startups, providing them with the capital needed to grow and expand. The network was founded in early 2019 and has provided funding to around 10 startups.

With a focus on tech and manufacturing-related startups, Vantage Ventures is known for arranging tough screening tests. Startup leaders have to apply online and upon selection, they are invited for physical presentations. 

During the screening tests, Vantage Ventures funds startups that have radical thinkers, problem-solvers, and go-getters, leverages the untapped talent and resources that exist in West Virginia. 

The investment range of Vantage Ventures is around $2M. Among many of their investments, three portfolio companies are:

Brewnet: Brewnet is a next-generation brewery management software platform. It provides a creative platform for craft master brewers, giving customers a window into the craft brewing process.

Certantum: Certantum provides strategic consulting services to for-profit, nonprofit, and government organizations. Their team strengths encompass strategic planning for growth, improved performance, funding, and marketing. 

Analytica Legalis: Analytica Legalis is a technology company that uses artificial intelligence to help lawyers win in court. It is the first company to quantify jurisprudence and analyze judges’ sentiments.

West Virginia Capital Access Program

Website: West Virginia Capital Access Program - Partner Community Capital (partnercap.org)

Investor Type: Venture Capital Firm

Investment Interests: Tech

Investment Stage: Seed

The West Virginia Capital Access Program (WVCAP) was originally created under the Jobs Act of 2010. It was also supported by the West Virginia Jobs Investment Trust. 

Talking about funding, The WVCAP offers two main programs: the Subordinated Debt Fund and the Collateral Support Fund. The Subordinated Debt Fund can fund up to 50% of the borrower’s loan, up to a maximum loan amount of $4,000,0003. The Collateral Support Fund can fund up to 20% of the loan amount with a maximum collateral support of $500,000.

West Virginia Jobs Investment Trust

Website: West Virginia Jobs Investment Trust – Drive for Success (wv.gov)

Investor Type: Venture Capital Firm

Investment Interests: Tech, Healthcare, Industrialization, and Fintech. 

Investment Stage: Seed

With around 20 portfolio companies, The West Virginia Jobs Investment Trust (WVJIT) is a public venture capital fund created to develop, promote, and expand West Virginia’s economy. The network was founded in 1992 and is headquartered in Charleston. 

In terms of screening tests, WVJIT seeks to invest in well-managed companies with outstanding long-term growth prospects. Their evaluation focuses on location, investment structure, industry, management, market, and products.

Aside from investment activities, The WVJIT also conducts many startup events and guides their portfolio companies. They have a separate mentorship panel and strongly emphasize helping their funded startups through different stages.

The investment range of the West Virginia Jobs Investment Trust can go up to $5M. Some of their portfolio companies are:

EcoC2: EcoC2 is a developer of a chemical process and transformational catalyst designed to convert natural gas into valuable chemicals. The company’s technology can streamline the production of petrochemicals along with a reduction in greenhouse gas emissions.

Aither: Aither is a fast-growing dynamic company established by a group of entrepreneurs, environmental enthusiasts, and financial traders. They are dedicated to fighting climate change and reviving our planet. 

American Benefit: American Benefit is an insurance and employee benefits industry firm. It is part of the Liberty Bankers Insurance Group. American Benefit Life Insurance Company was purchased by Liberty Bankers Insurance Group.

Novak Biddle Venture Partners

Website: Welcome : Novak Biddle - Venture Partners

Investor Type: Venture Capital Firm

Investment Interests: Digital Businesses

Investment Stage: Seed

Novak Biddle Venture Partners (NBVP) was founded in 1997 by Jack Biddle and Roger Novak. The firm has made 117 investments and is headquartered in Bethesda, Maryland.

Moreover, NBVP seeks to invest in well-managed companies with outstanding long-term growth prospects. Their evaluation focuses on location, investment structure, industry, management, market, and products. 

Aside from their screening tests, Novak Biddle Venture Partners also focuses on arranging networking events, workshops, startup accelerators, and growth events. Regarding the investment range, NBVP prefers to be the first institutional capital brought into a business with a desired investment range of $100,000 to $10,000,000. 

Some of their portfolio companies are:

2U, Inc.: 2U, Inc. is an American educational technology company that contracts with non-profit colleges and universities to build, deliver, and support online degree and non-degree programs. It is also the parent company of edX2.

AddThis: AddThis is a free social bookmarking service that can be integrated into a website with the use of a web widget. The company provides behavioral audience data and website marketing tools. 

Adwerx: Adwerx is a digital marketing firm. It offers customized digital advertising services to increase brand visibility and boost the productivity of individuals and businesses in real estate, mortgage, insurance, and wealth management.

Mountain State Capital

Website: Mountain State Capital

Investor Type: Venture Capital Firm

Investment Interests: Biotech, Software, and Fintech

Investment Stage: Seed

Mountain State Capital is also a venture capital firm that was founded in January 2018 by Matt Harbaugh and Mike Green. The firm is headquartered in Morgantown and has a strong focus on software-related startups.

When funding startups, the investors at Mountain State Capital prefer companies that have deployed a version of their solution to early adopters and can demonstrate an understanding of their sales process and the market’s willingness to pay.

The investment range of Mountain State Capital lies between $200,000 to $800,000. Some of their portfolio companies are:

CytoAgents: CytoAgents is a biotechnology company that is developing innovative pharmaceutical products for the treatment of symptoms associated with Cytokine Release Syndrome (CRS).

Arieca: Arieca is a high-growth advanced materials start-up that is pushing the boundaries of material functionalities in the most demanding applications.

Aspinity: Aspinity is revolutionizing the design of battery-operated, always-on sensing devices. 

Wrap Up

Wrapping up, remember that the most important aspect of a startup is its profitability. Angels want to invest in a startup that can help them secure high profits and you should present your startup in the same way.

Good Luck!

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