Mountain State Capital

Mountain State Capital is a venture capital firm founded in 2018 and based in Morgantown, West Virginia, with an additional office in Pittsburgh, Pennsylvania. The firm specializes in seed and early-stage investments, focusing on technology companies in the Greater Appalachia region, which includes West Virginia, Pennsylvania, Ohio, Maryland, Virginia, Kentucky, Tennessee, and North Carolina. Mountain State Capital typically invests between $250,000 and $500,000 in high-growth companies across various technology and industry sectors, providing essential early-stage risk capital to support their development.

Harbaugh, Matt

Managing Director

27 past transactions

Gridwise

Series A in 2022
The Gridwise app is the leading business platform for gig economy drivers, helping them maximize their earnings and track their business performance all in one place. Their app empowers 100s of thousands of all US gig drivers to run their businesses with unique demand insights, earnings, and activity tracking, performance reporting, and a marketplace of gig worker benefits.

Arieca

Series A in 2022
Arieca manufactures and distributes a thermally conductive rubber composite. Arieca's composite is a stretchable, thermally conductive rubber that combines elasticity of soft silicone with the thermal of metal to be used as circuit wiring, sensors, and passive heat exchangers, allowing manufacturers to deploy an alternative form of rubber that improve the performance electronics and help them to safely interact with humans.

CAIRA Surgical

Seed Round in 2022
CAIRA Surgical is a medical software and technology company on a mission to reduce costs and improve patient outcomes in orthopedic care. CAIRA Surgical develops advanced joint replacement software, scanning, and precision radar technologies designed for reliability, intuitive adoption, and global accessibility. CAIRA Surgical strives to empower surgeons by inventing and investing in new, proprietary technologies that simplify workflows and enable better patient outcomes in joint replacement.

Arieca

Convertible Note in 2021
Arieca manufactures and distributes a thermally conductive rubber composite. Arieca's composite is a stretchable, thermally conductive rubber that combines elasticity of soft silicone with the thermal of metal to be used as circuit wiring, sensors, and passive heat exchangers, allowing manufacturers to deploy an alternative form of rubber that improve the performance electronics and help them to safely interact with humans.

UpContent

Convertible Note in 2021
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

Meter Feeder

Convertible Note in 2020
Meter Feeder's mission to provide a low cost payment and enforcement solution for small to mid-sized governments. A fast set up process and geolocation get new users paid and on their way fast. MeterFeeder works with customers' current infrastructure. Users don't need to purchase any new meters or kiosks, growing the base of people more willing to pay via electronic payments.

FluidForm Bio

Convertible Note in 2020
FluidForm Bio™ is creating living human tissue for better treatment of disease. Our patented FRESH™ technology is a revolutionary platform designed to build tissue using cells, proteins, and nothing else. Through partnerships with top life science companies, our technology has been validated to produce the highest quality tissue in a variety of applications. We deliver human tissue that is indistinguishable from the real thing by integrating breakthrough innovations in 3D printing, computational and synthetic biology, AI, and advanced materials science. Our living tissue will offer therapies to countless patients who deserve better treatment options. FluidForm Bio™was founded in 2018 on the belief that the world needs transformational technologies led by creative and passionate experts that help people lead better lives. Headquartered in Waltham, MA.

InspectionGo

Convertible Note in 2020
InspectionGo is a home inspector company providing a variety of services to help inspection companies. It provides digital exhibition, and back-end services such as accounting, marketing, coaching, and inside sales to home inspectors across the nation. The company was founded in 2019 and is based in Morgantown, WV.

Aspinity

Series A in 2020
Aspinity offers neuromorphic all-analog integrated circuit technology that can replicate the functionality of digital signal processors. It reduces the system power requirements for always-on sensing applications.

Molecular Biologicals

Convertible Note in 2020
Molecular Biologicals is a biotech company that offers bioactive and prescription-only keratin products for use in the healing of burns, acute and chronic wounds. The company is promoting healing in the field of skin and wound care through the benefits of keratin protein and peptide treatment. Their mission is to explore the therapeutic benefits of the keratin molecule as it is the foundation of organic tissue repair and provide their products to those who are in greatest need. Molecular Biologicals was founded in 2015 and is based in Charlottesville, VA.

PECA Labs

Series A in 2020
PECA Labs is a Carnegie Mellon and UPMC spin-off dedicated to bringing better medical devices to orphan populations, with an initial focus on the pediatric cardiovascular system. Our first product, the MASA Valve, is a novel synthetic heart valve for a rare pediatric cardiac reconstructive procedure. The MASA Valve has already received a Humanitarian Use Device (HUD) designation from the FDA, and 70 human implantations of the intra-operatively constructed version have shown improved freedom from re-operation compared to any currently available option. PECA Labs was founded in 2011 and is based in Pittsburgh, Pennsylvania.

Conservation Labs

Convertible Note in 2020
Conservation Labs is an Amazon Alexa Fund portfolio company. We founded Conservation Labs to help you save money and better manage our natural resources. This is our big challenge: there are over 3 trillion gallons of unwanted water use each year in the U.S. alone, costing us $70 billion. With water, a little knowledge goes a long way. H2know helps you save money and improve our water use.

UpContent

Seed Round in 2020
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

Gridwise

Seed Round in 2020
The Gridwise app is the leading business platform for gig economy drivers, helping them maximize their earnings and track their business performance all in one place. Their app empowers 100s of thousands of all US gig drivers to run their businesses with unique demand insights, earnings, and activity tracking, performance reporting, and a marketplace of gig worker benefits.

ANGLR

Series A in 2020
Anglr is a vertical social app and connected device company focused on the $50B sportfishing industry. The centerpiece of the Anglr ecosystem is its best-in-class, on-water fishing app that, enhanced by a connected suite of award-winning IoT devices, enables users to turn their iPhone or Android into a sophisticated digital logbook and social network that records an angler’s most important fishing stats and memories. Once off the water, anglers can “dive deep” into their stats to reminisce, improve, brag, scroll through photos, give fist-bumps, prepare for their next fishing adventure, and more. Check out the ANGLR app at www.anglr.com …… Fishing is fun. ANGLR makes it funner!

Lizard Tail

Seed Round in 2019
Lizard Tail is an accessories company that sells and manufactures quality belts constructed from climbing rope. The company's LT SOLO provides optimum comfort by giving the right fit instead of a tight fit. Its patent-pending buckle makes the SOLO easy on, easy off, and easy to adjust. Lizard Tail founded in 2019 by Justin and Ephraim in Morgantown, WV.

UpContent

Corporate Round in 2019
Here at UpContent, they believe content is currency. The exchange of this powerful information establishes thought leaders, builds strong communities, and evokes change. Even though the internet is full of valuable and beautiful content worthy of sharing, traditional methods of searching have made finding the hidden gems difficult and time-consuming. That’s why they feel so passionate about their content discovery tool. UpContent gives users the power to spark conversations and gain insight on the topics they care about most.

Conservation Labs

Seed Round in 2019
Conservation Labs is an Amazon Alexa Fund portfolio company. We founded Conservation Labs to help you save money and better manage our natural resources. This is our big challenge: there are over 3 trillion gallons of unwanted water use each year in the U.S. alone, costing us $70 billion. With water, a little knowledge goes a long way. H2know helps you save money and improve our water use.

Coeo Space

Convertible Note in 2019
Coeo Space is an award-winning open data technology platform that uses scientific algorithms to match users to the perfect space in seconds. Our match scoring algorithms are based on what’s important to today’s companies such as team size, monthly budget, and property amenities/features. Coeo Space is in over 188 US markets and proud to be part of the National Association of Realtors (NAR) inaugural REach Commercial Accelerator Program.

ANGLR

Series A in 2019
Anglr is a vertical social app and connected device company focused on the $50B sportfishing industry. The centerpiece of the Anglr ecosystem is its best-in-class, on-water fishing app that, enhanced by a connected suite of award-winning IoT devices, enables users to turn their iPhone or Android into a sophisticated digital logbook and social network that records an angler’s most important fishing stats and memories. Once off the water, anglers can “dive deep” into their stats to reminisce, improve, brag, scroll through photos, give fist-bumps, prepare for their next fishing adventure, and more. Check out the ANGLR app at www.anglr.com …… Fishing is fun. ANGLR makes it funner!

FluidForm Bio

Seed Round in 2019
FluidForm Bio™ is creating living human tissue for better treatment of disease. Our patented FRESH™ technology is a revolutionary platform designed to build tissue using cells, proteins, and nothing else. Through partnerships with top life science companies, our technology has been validated to produce the highest quality tissue in a variety of applications. We deliver human tissue that is indistinguishable from the real thing by integrating breakthrough innovations in 3D printing, computational and synthetic biology, AI, and advanced materials science. Our living tissue will offer therapies to countless patients who deserve better treatment options. FluidForm Bio™was founded in 2018 on the belief that the world needs transformational technologies led by creative and passionate experts that help people lead better lives. Headquartered in Waltham, MA.

Serucell

Seed Round in 2019
Serucell is a bio-cellular company that provides skincare products with KFS, Hyaluronic Acid, Vitamin A, Vitamin C, and Vitamin E. The company focused on the essential connection between their skin's inner health and outer beauty. Its patented KFS Cellular Protein Complex delivers cutting-edge intra-cellular skincare solutions.

Gridwise

Seed Round in 2019
The Gridwise app is the leading business platform for gig economy drivers, helping them maximize their earnings and track their business performance all in one place. Their app empowers 100s of thousands of all US gig drivers to run their businesses with unique demand insights, earnings, and activity tracking, performance reporting, and a marketplace of gig worker benefits.

Aspinity

Seed Round in 2019
Aspinity offers neuromorphic all-analog integrated circuit technology that can replicate the functionality of digital signal processors. It reduces the system power requirements for always-on sensing applications.

PECA Labs

Series A in 2019
PECA Labs is a Carnegie Mellon and UPMC spin-off dedicated to bringing better medical devices to orphan populations, with an initial focus on the pediatric cardiovascular system. Our first product, the MASA Valve, is a novel synthetic heart valve for a rare pediatric cardiac reconstructive procedure. The MASA Valve has already received a Humanitarian Use Device (HUD) designation from the FDA, and 70 human implantations of the intra-operatively constructed version have shown improved freedom from re-operation compared to any currently available option. PECA Labs was founded in 2011 and is based in Pittsburgh, Pennsylvania.

Valtari Bio

Seed Round in 2019
Molecular diagnostics company focused on developing point-of-care blood test to aid clinicians in rapid triage of suspected stroke patients.

AmeriCann

Venture Round in 2017
Their mission is to promote the growth of the cannabis industry throughout the country by providing their knowledge, expertise and capital directly to select cannabis entrepreneurs.
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