10 VCs and angels energizing West Virginia startups in 2026

West Virginia raised $95M across 28 deals in 2025. Most capital went to energy tech, healthcare, and advanced manufacturing. The ecosystem is heavily government-backed. You won't get funded here without understanding state economic development priorities.

Quick list

Why West Virginia for fundraising

West Virginia has maybe 10 investors who regularly write checks over $250K. Average seed round is $900K, well below the national average. Most deals are co-investments between state programs and out-of-state VCs.

The ecosystem strongly favors energy, healthcare, and manufacturing. Software without a clear tie to West Virginia's economic priorities rarely gets funded. The state wants companies that create local jobs and leverage WVU or Marshall research.

Charleston and Morgantown have the most activity but neither is a tech hub. You're raising from economic development organizations, university programs, and a handful of family offices. The upside is state programs are patient and don't push for exits on aggressive timelines.

Late-stage capital doesn't exist in West Virginia. Plan to raise Series A from Pittsburgh, Charlotte, or DC. Local investors know this and many have relationships with regional VCs who lead later rounds.

Picking the right West Virginia investor

Local presence means understanding state economic development goals. Investors want to see job creation potential in West Virginia counties and often prefer companies near WVU or Marshall for talent access.

Portfolio companies are limited so check if they've backed anything similar. WV Jobs Investment Trust does 3-5 deals per year. Launch Lab does 8-10 but most are sub-$300K checks. If an investor hasn't closed a deal in 12 months, ask why before spending time.

Check sizes run $100K-$500K for angels and university programs, $500K-$2M for state funds. Anything over $2M requires out-of-state co-investors from Pittsburgh or DC. Don't expect $5M local rounds - that money doesn't exist here.

Local network connects you to WVU researchers, state procurement opportunities, and energy companies. West Virginia investors can intro you to people at Mylan, AEP, or EQT if your product fits. Use Ellty trackable links when sharing your deck so you see which sections resonate with state-focused investors.

Communication should emphasize West Virginia impact. Investors want to hear about jobs created, research partnerships with local universities, and long-term commitment to the state. Set up an Ellty data room early with your West Virginia hiring plan and local partnerships clearly documented.

Follow-on capacity is nearly zero locally. Ask upfront about their Pittsburgh or DC relationships. You'll need those connections for Series A since West Virginia investors can't lead rounds over $2M.

How to find and approach West Virginia investors

Research local deals by checking WV Executive magazine and the State Journal's business coverage. They report every significant funding round. TechConnect WV publishes quarterly funding reports that list every investor involved.

Leverage local ecosystem through Launch Lab in Morgantown if you have any WVU connection. TechConnect West Virginia hosts events in Charleston and Morgantown quarterly where actual investors attend. These aren't pitch competitions - they're networking sessions where deals start.

Build relationships first by attending WV Tech Summit and Morgantown Startup Weekend. West Virginia investors expect to meet you 2-3 times before discussing investment. That's just how the state works - trust matters more than pitch quality. Add an extra layer of control with screenshot protection that respects viewer experience.

Share your pitch deck through Ellty with tracking links for each investor. You'll see that West Virginia investors spend more time on team backgrounds and job creation slides than market opportunity. Upload to Ellty and send trackable links after you've met in person at least once.

Attend local events like WV Tech Summit in Charleston, Innovation Works office hours in Morgantown, and Advantage Valley's annual forum. Most West Virginia deals originate at these three touchpoints. Everything else is secondary.

Connect with portfolio founders by asking investors directly for intros. West Virginia's startup community is tiny and everyone knows each other. Portfolio founders will tell you exactly how long diligence took and what questions to expect.

Organize due diligence in an Ellty data room before first meetings. West Virginia investors move slowly but when they commit, they want everything immediately. Have your cap table, financial projections, and West Virginia job creation plan ready to share.

Understand local pace - West Virginia investors take 8-12 weeks from first meeting to closing. That's slower than most coastal markets but they're thorough. Don't push for faster decisions or you'll damage relationships in a very small ecosystem. Looking for DocSend alternatives that offer tracking, control, and a free plan? You’ve got options.

West Virginia-specific considerations

West Virginia investors strongly prefer companies tied to state economic priorities: energy, healthcare, advanced manufacturing, and chemical/materials. If you're building consumer software, raise elsewhere. The state has zero interest in funding companies that won't create West Virginia jobs.

Expect to show clear job creation plans. Most state-backed investors require commitments to hire locally. Five jobs in Charleston carries more weight than 50 jobs in Austin for West Virginia investors.

Competition is light because deal flow is extremely low. You're not competing with dozens of companies for the same capital. But investors are highly selective - they'll fund 2-3 companies per year and pass on everything else, even strong teams.

Tax incentives matter here. Understanding West Virginia's R&D tax credits and economic opportunity zones signals you're serious about building in the state long-term.

10 top investors in West Virginia

1. WV Jobs Investment Trust

State-backed fund that led the most West Virginia deals in 2025 and understands early-stage risk better than most economic development programs.

• Recent Deals: Morgantown energy storage ($3.2M Series A, 2025), Charleston health IT ($1.8M seed, 2025), Wheeling manufacturing tech ($1.5M seed, 2024)
• LinkedIn: Jess Chambers
• Sector Focus: energy, healthcare, advanced manufacturing, technology
• Stage Focus: seed, Series A
• Office Location: Charleston
• Website: wvjit.org

2. Launch Lab

WVU-affiliated accelerator that's backed more West Virginia startups than anyone else and runs the only real pre-seed program in the state.

• Recent Deals: Three WVU spinouts ($1.8M combined, 2025), Morgantown biotech ($400K, 2024), Charleston edtech ($250K, 2025)
• LinkedIn: James Garner
• Sector Focus: WVU research commercialization, all sectors
• Stage Focus: pre-seed, seed
• Office Location: Morgantown
• Website: launchlab.wvu.edu

3. TechConnect West Virginia

Not a fund but the state's only organization that actively connects West Virginia companies to regional capital.

• Recent Deals: Connected Charleston healthcare startup to Pittsburgh VCs ($2.5M, 2025), facilitated three introductions resulting in funding (2025), connected Morgantown company to Innovation Works
• LinkedIn: Anne Barth
• Sector Focus: all sectors with West Virginia operations
• Stage Focus: seed, Series A
• Office Location: Charleston
• Website: techconnectwv.org

4. Advantage Valley

Regional economic development organization covering the Kanawha Valley that facilitates investor connections and co-investment deals.

• Recent Deals: Huntington manufacturing automation ($1.1M, 2025), Charleston logistics tech ($800K, 2024), South Charleston chemical tech ($650K, 2025)
• LinkedIn: Michael Graney
• Sector Focus: manufacturing, energy, chemical, logistics
• Stage Focus: seed, early revenue
• Office Location: Charleston
• Website: advantagev.com

5. West Virginia Development Office

State economic development agency that co-invests with private capital in companies creating West Virginia jobs.

• Recent Deals: Wheeling advanced materials ($800K, 2025), Morgantown software ($500K, 2024), Charleston aerospace component manufacturer ($900K, 2025)
• LinkedIn: Mitch Carmichael
• Sector Focus: manufacturing, aerospace, materials, technology
• Stage Focus: revenue-stage, growth
• Office Location: Charleston
• Website: wvcommerce.org

6. Innovation Works

Pittsburgh-based investor that leads West Virginia deals from their regional office and has the best track record for follow-on funding.

• Recent Deals: Two West Virginia companies ($4.5M combined Series A, 2025), Morgantown medical device ($2.1M seed, 2024)
• LinkedIn: Rich Lunak
• Sector Focus: healthcare, manufacturing, technology, life sciences
• Stage Focus: seed, Series A, Series B
• Office Location: Pittsburgh (active in WV)
• Website: innovationworks.org

7. Lightship Capital

Charleston-based family office run by former Mylan executives who invest in West Virginia companies with regional growth potential.

• Recent Deals: Outdoor recreation app ($600K, 2025), Charleston medical supplies distributor ($750K, 2024)
• LinkedIn: [Contact through TechConnect WV]
• Sector Focus: healthcare, consumer, outdoor recreation
• Stage Focus: seed, early-stage
• Office Location: Charleston
• Website: [Not public]

8. Robert C. Byrd Institute

Applied research center that helps West Virginia manufacturers access capital and has connections to Ohio and Pennsylvania investors.

• Recent Deals: Manufacturing tech company secured $950K from Ohio investors (2025), connected two companies to Innovation Works (2025)
• LinkedIn: Jared Knotts
• Sector Focus: advanced manufacturing, automation, materials
• Stage Focus: seed, growth
• Office Location: Huntington
• Website: rcbi.org

9. Charleston Area Alliance

Regional chamber that connects startups to local angel investors and has relationships with every family office in the Kanawha Valley.

• Recent Deals: Connected fintech startup to regional angels ($500K seed, 2025), facilitated three investor introductions (2025)
• LinkedIn: Matt Ballard
• Sector Focus: all sectors based in Charleston area
• Stage Focus: pre-seed, seed
• Office Location: Charleston
• Website: charlestonalliance.org

10. WVU Foundation

University endowment that invests in faculty-founded companies commercializing WVU research.

• Recent Deals: Two life sciences companies ($400K combined, 2025), materials science spinout ($300K, 2024)
• LinkedIn: [Contact through WVU Office of Research]
• Sector Focus: life sciences, materials, energy, technology (WVU research only)
• Stage Focus: pre-seed, seed
• Office Location: Morgantown
• Website: wvuf.org

Start tracking your West Virginia investor outreach

These 10 investors closed West Virginia deals in 2025-2026. Before you start reaching out to state programs and regional funds, set up proper tracking.

Upload your deck to Ellty and create a unique link for each West Virginia investor. You'll see exactly which slides they view and how long they spend on your job creation and local impact sections. West Virginia investors typically spend 4-5 minutes on team backgrounds and West Virginia presence while spending less time on market size than coastal VCs.

When West Virginia investors ask for more materials, share an Ellty data room instead of scattered email attachments. Your cap table, financial model, West Virginia hiring plan, and local partnership agreements in one secure place with view analytics. Most state-backed investors will request everything simultaneously once they're serious, so organization matters.

Common questions

Do I need to be based in West Virginia to raise from West Virginia investors?

Yes, absolutely. West Virginia investors only back companies with significant West Virginia operations and job creation plans. If you're not committed to building in the state, raise elsewhere.

How does West Virginia compare to Pittsburgh for fundraising?

West Virginia has 20x less capital available and almost no institutional VCs. But state programs are patient and don't push aggressive growth. Raise seed locally with state support, then go to Pittsburgh for Series A with Innovation Works or other regional VCs.

What's the average seed round size in West Virginia?

$600K-$1.2M total, usually combining state programs, Launch Lab, and maybe one out-of-state co-investor. Anything over $1.5M requires Pittsburgh or DC investors to lead.

Should I raise locally or go straight to Pittsburgh?

If you're building energy, healthcare, or manufacturing and creating West Virginia jobs, raise locally first. The state programs offer favorable terms and don't require aggressive exits. If you're building SaaS without a West Virginia angle, skip to Pittsburgh.

Do West Virginia investors expect in-person meetings?

Yes, always. West Virginia is not a remote fundraising market. Investors want to meet at their Charleston or Morgantown offices, see your facility if applicable, and understand your commitment to the state. Budget time for multiple in-person trips.

What industries get funded most in West Virginia?

Energy technology, healthcare and life sciences, advanced manufacturing, and materials. These align with state economic priorities and WVU/Marshall research strengths. Consumer apps and generic SaaS rarely get funded unless there's a clear West Virginia employment component.

How important are WVU and Marshall connections?

Very important. Most funded companies have founder connections to WVU or Marshall, use university research, or hire from these schools. If you have no West Virginia university ties, building those relationships significantly improves funding odds.