Investor and author J.D. Vance kicked off the year with a big announcement: He’s launching a Cincinnati-based venture capital firm, Narya Capital. The new firm is backed by major players like Peter Thiel, Eric Schmidt, Marc Andreessen and ExactTarget co-founder Scott Dorsey.
Vance, a Middletown native, found success working with startups in many often overlooked locations as an investor at Revolution's Rise of the Rest Seed Fund. Narya Capital plans to operate with a similar mantra, investing in startups in cities like Raleigh-Durham and Atlanta. It’s bolstering startup communities beyond the well-funded coasts, and according to thought leader and Main Street Ventures Executive Director Pete Brown, that’s exactly what emerging startup markets — like Cincinnati — need.
“I’m excited to see the impact that Narya has on entrepreneurs in cities like Cincinnati that have traditionally been underserved by venture capital,” Brown said. “J.D. Vance brings a wealth of experience and he recognizes the caliber of entrepreneurs that are working outside the traditional tech-based regions such as Silicon Valley and Boston.”
With $93 million secured, Narya Capital is making strides toward its fund target of $125 million. According to Axios, this will “essentially be a Series A fund ... focusing on writing first checks in the $5 to $10 million range.” Vance and his co-founder Colin Greenspan previously worked together at Mithril Capital (a VC fund started by Narya backer Peter Thiel); they’ve also welcomed former VentureOhio CEO Falcon Donahue to the team as partner, according to Columbus Business First.
Brown sees the news of Narya Capital’s Cincinnati headquarters as a “major win for StartupCincy.” Jess Mabis, program manager at the Brandery, thinks Narya Capital could also be the push the Midwest needs to secure its place on the VC map.
“A new fund in Cincinnati is always something to celebrate: more capital and opportunities for the city's best and brightest,” Mabis said. “However, a new fund with someone of J.D. Vance's caliber leading it sets Cincinnati up to reach the next tier of startup ecosystems. My hope is that this fund will allow Cincinnati to position itself as the Midwest leader in venture.”
While Vance is a renowned investor, he also rose to fame through his bestselling book “Hillbilly Elegy.” The 2017 memoir, which was named by the New York Times as “one of the six best books to help understand Trump’s win,” navigates America’s rural working class, and Vance’s own upbringing in “a poor Rust Belt town.” The memoir is also set to be a Ron Howard-directed major-motion picture.
