West Virginia Capital Company Act

The West Virginia Economic Development Authority administers a program that provides for debt and equity venture capital investment to small business. A number of firms are qualified in West Virginia to make venture capital investments:

Adena Ventures is a newly capitalized $34 million venture capital enterprise, formed to provide equity and operational assistance to qualifying businesses in central Appalachia. The company's mission is to generate market-rate returns for investors while promoting shared and sustainable economic development throughout its target region.

Adena invests between $200,000 and $2 million in companies with strong management teams, high growth potential and defensible market positions. The U.S. Small Business Administration designated Adena Ventures the first New Markets Venture Capital company in the country and is providing the fund with significant financial leverage, which more than doubles the money available for investment in central Appalachia.

Adena Ventures
C. Andrew Zulauf
2300 MacCorkle Ave., SE
Charleston, West Virginia 25304
(304) 340-3736
zulauf@adenaventures.com
www.adenaventures.com/

Anthem Capital
Ed Spiva
The Mangels Building
Baltimore, Maryland 21230
(410) 625-1510

iNetworks, LLC, makes private equity and venture capital investments both directly and through its managed funds, with the history and flexibility of working with life sciences and technology companies as well as traditional industries. We are especially interested in companies, either headquartered in or with substantial operations in West Virginia, that are poised for growth and willing to work closely with our team to achieve sustainable success. Initial investments sourced from iNetworks typically range from $250,000 to $4 million, except that the iNetworks Community Development Capital Company, our community development venture capital fund, is limited to a total investment in one company of $1 million.

iNetworks Advisors, Inc.
Charles A. Schliebs
The Times Building, third floor
336 Fourth Ave.
Pittsburgh, PA 15222
(412) 281-4277
charlie@iNetworksLLC.com
www.iNetworksLLC.com

INNOVA Commercialization Group, an initiative of the West Virginia High Technology Consortium Foundation, is a statewide commercialization group focused exclusively on West Virginia innovators. INNOVA’s mission is to create real wealth for West Virginia by assisting entrepreneurs in obtaining the business development assistance and capital necessary to successfully launch new products into the commercial marketplace.

INNOVA Commercialization Group
Greg Clutter
1000 Technology Drive
Suite 1000
Fairmont, West Virginia 26554
(304) 366-2577
Fax: (304) 366-2699
gwclutter@wvhtf.org
www.INNOVAWV.org
www.wvhtf.org

Mountaineer Capital LP provides venture capital to promising new and existing businesses in West Virginia and surrounding states. Mountaineer Capital is licensed as a Small Business Investment Company (SBIC) by the U.S. Small Business Administration. Initial investments are expected to range between $250,000 to $1 million.

Mountaineer Capital LP
Patrick A. Bond
J. Rudy Henley
107 Capitol St.
Suite 300
Charleston, West Virginia 25301
(304) 347-7525
Fax: (304) 347-0072
pabond@mtncap.com
jrhenley@mtncap.com
www.mountaineercapital.com

The Natural Capital Investment Fund (NCIF) is a nonprofit certified Community Development Financial Institution that provides financing for natural resource-based businesses that will advance sustainable economic development throughout West Virginia.

Natural Capital Investment Fund (NCIF)
Marten R. Jenkins Jr.
P.O. Box 1889
Shepherdstown, WV 25443
(304) 876-2815
wvncif@freshwaterinstitute.org
www.wvncif.org

PA Early Stage
Scott D. Nissenbaum
1200 Liberty Ridge Drive
Suite 310
Wayne, PA 19087
(610) 254-4241
snissenbaum@paearlystage.com

The Progress Fund is a community development financial institution whose mission is to create economic opportunity by lending needed capital and providing technical assistance to small businesses in southwestern and central Pennsylvania and West Virginia. With the decline in industrial businesses, one of the few growing sectors in the rural economy is the tourism industry. The Progress Fund provides opportunities for new and existing entrepreneurs, creates jobs with above average wages and grows the regional economy through its support of the tourism industry and other sectors. The Progress Fund, founded in 1997, is an outgrowth of Congressman John Murtha’s efforts. We have loaned more than $7 million to more than 116 enterprises, creating or preserving more than 750 jobs

The Progress Fund
(724) 529-0384
www.progressfund.org
info@progressfund.org

SELECT CAPITAL VENTURES, I L.P., is a private equity investment firm focused on the healthcare industry. Areas of interest include healthcare services, healthcare information technology, and medical devices and equipment. Select Capital Ventures operates as a Small Business Investment Company (SBIC) licensed by the Small Business Administrations (SBA).

SELECT CAPITAL VENTURES, I L.P.
Debra Hellyer
4718 Old Gettysburg Road
Suite 405
Mechanicsburg, PA 17055
(717) 972-1314
businessplans@selectcapitalventures.com
www.selectcapitalventures.com

Toucan Capital
Bob Hemphill
7600 Wisconsin Ave., seventh floor
Bethesda, Maryland 20814
(240) 497-4060
frontdesk@toucancapital.com

Walker Ventures, based in Glenwood, Maryland, with approximately $100 million under management, focuses on startup and early stage companies in the high-tech industry to capitalize on the wide range of experience its management and staff has in that area. The firm's West Virginia operation based in Shepherdstown focuses on the entire state. Prior investments included Ultraprise Corp. and Butterfly.net, Inc., two companies in West Virginia's Eastern Panhandle.

Walker Ventures
Eric Lewis
P.O. Box 1027
114 E. German St.
Shepherdstown, WV 25443
(304) 876-6037
eric@walkerventures.com
www.walkerventures.com

West Virginia Economic Development Authority
David Warner
Executive director
NorthGate Business Park
160 Association Drive
Charleston, West Virginia 25311-1217
(304) 558-3650
Fax: (304) 558-0206

West Virginia Jobs Investment Trust (JIT) is a public venture capital fund created to develop, promote and expand West Virginia's economy by making investment funds available to eligible businesses, thus stimulating economic growth and providing or retaining jobs within the state.

JIT invests in early stage, later stage and mature small companies who wish to expand. Opportunities to create a significant number of jobs while maintaining economic balance are favorably viewed. Economic diversification is a plus. To maintain its ability to assist others in the future, JIT makes investments expected to yield a financial return proportionate to the level of risk it assumes. JIT does not make grants or low-interest loans.

West Virginia Jobs Investment Trust Venture Capital Company
Richard C. Ross
1012 Kanawha Boulevard, E., fifth floor
Charleston, WV 25301
(304) 345-6200
Fax: (304) 345-6262
board@wvjit.org
www.wvjit.org