Refinery Ventures, a Cincinnati-based venture capital firm launched earlier this year by Tim Schigel, is seeking to raise to to $100 million for its debut fund, according to an SEC filing. So far it has already secured nearly $11 million, and has backed companies like Doc Halo, a real-time clinical communications startup.
Who? Schigel is the founder of ShareThis, a Silicon Valley make of a social media sharing widget for online publishers. He later would go on to lead a venture fund-pf-funds for a Cincinnati-based startup accelerator called Cintrifuse.
Why it matters: Most venture capital firms are concentrated on the coasts, thus making it particularly difficult for Midwestern entrepreneurs to succeed without leaving home. The arrival of firms like Refinery might be able to change that dynamic.