There are many reasons to start a business in West Virginia. The state offers a business-friendly environment, with low taxes and a variety of incentives for businesses.
West Virginia is a great place to live, with beautiful scenery and a variety of recreational attractions. Many startups choose to call West Virginia their home, and there are several VC firms willing to back great ideas.
With the right venture capital investment, starting a successful business should not be too challenging, provided you have a solid startup proposal. That said, it is a competitive environment, so be sure to have all your plans laid out properly.
We also recommend checking out our full list of the top venture capital firms.
Best West Virginia VC Firms
1. WVV Capital
- Location: Charleston, WV
- Industries: AI, Healthcare, Manufacturing, Building Technology, Insurance, Financial Technology
- Stage: Early stage
- Notable Portfolio Companies: Blueberry, Caspar, SignalWire, Siris Medical
WVV Capital connects promising startups with multinational corporations such as Global 100 and Fortune 500 firms in healthcare, manufacturing, building technology, insurance, and financial technology.
This VC firm provides more than just capital to startups; they also help startups establish connections with important corporate players in the industry, such as Northwestern Mutual, Foxconn, Johnson Controls International, and Advocate Aurora Health.
The firm is run by a group of entrepreneurs, company executives, and senior venture capitalists who have assisted startups from the beginning to the finish line.
2. RCBI
- Location: Huntington and South Charleston, WV
- Industries: Design Engineering, Prototype Development, Quality Management, Technology
- Stage: Early Stage
- Notable Portfolio Companies: Undisclosed
RCBI provides early-stage funding for entrepreneurs and small business owners to bridge the gap between concept and prototype by offering seed funding for design engineering, prototype development, quality management, and advanced technology skill-set training.
Each investment is complemented by quality management and advanced technology skill-set training in addition to prototype development. The technology-based manufacturing sector is of particular interest to RCBI.
To be eligible for early-stage funding, RCBI includes a simple contact form on its website. After you submit your form, RCBI will get one of their representatives to contact you to arrange an interview to discuss your project.
3. West Virginia Jobs Investment Trust (JIT)
- Location: Charleston, WV
- Industries: Technology, Manufacturing, Agriculture
- Stage: Early Sage, Late Stage, Mature Small Companies
- Notable Portfolio Companies: EcoC2, Aither, American Benefit, Mountaineer Trout Farm
If you dare to be different, strive to be great, and confront danger head-on, this might be the VC firm for you. The West Virginia Jobs Investment Trust (JIT) is a venture capital firm consisting of experienced managers and operation and technology experts. The firm was formed in 1992 and serves as an active investor and valued partner to exceptional entrepreneurs on the cutting edge of industry.
The JIT was established to expand the state economy by allocating investment capital to qualified businesses in order to stimulate economic development and maintain or create jobs in the state. JIT invests in early-stage, late-stage, and mature small companies that want to expand.
Job creation and economic balance are considered important. To maintain its ability to assist others in the future, JIT makes investments that might produce a proportionate financial return in response to the risk it takes. JIT does not offer grants or low-interest loans.
4. Mountain State Capital
- Location: Morgantown, WV
- Industries: Software, Life Sciences
- Stage: Seed, Growth Stage
- Notable Portfolio Companies: CytoAgents, Arieca, Aspinity, Gridwise
Mountain State Capital looks for early adopters to have trialed some of their products and services when funding companies that are ready to grow.
The technology, hardware, and services sectors should have already established their product-market fit and been able to quantify their sales process and the market's willingness to pay. Life sciences corporations should have accumulated data to affirm the efficacy of their products, as well as their development costs, regulatory pathways, and potential partners.
5. Vantage Ventures
- Location: Morgantown, WV
- Industries: Fintech, Food Security, Facial Recognition
- Stage: Seed, Growth Stage
- Notable Portfolio Companies: Brewnet, Certantum, Analytica Legalis
Vantage believes that West Virginia's underutilized talent and resources are abundant. West Virginians have tackled the most challenging jobs in the country for decades.
However, the absence of an initiative to bring together talent, mentors, committed industry partners, and investors was missing; a network of individuals eager to upend the status quo – with the potential to transform West Virginia and the world. Vantage Ventures connects entrepreneurs with raw talent and investors in industries ranging from fintech to food security to facial recognition.
