Cintrifuse Capital

Cintrifuse Capital Research

Investment Thesis

Cintrifuse Capital is a Cincinnati-based venture capital firm that aims to catalyze the Greater Cincinnati startup ecosystem by addressing the region's unique funding challenges. Founded in 2012 as part of the broader Cintrifuse organization, the firm operates a dual strategy: direct investments in early-stage Cincinnati-area startups and a fund-of-funds program investing in high-performing national venture capital managers with Midwest exposure.

The firm's core belief is that local startups face greater obstacles than their coastal peers — needing to demonstrate more customer traction while operating with access to less capital. Cintrifuse Capital exists to bridge this gap by providing critical early-stage venture capital paired with operational support, mentorship, and connections to national investors.

With $170M+ in AUM across three funds, Cintrifuse Capital is the dominant early-stage institutional funder in Greater Cincinnati and plays a central role in the StartupCincy ecosystem alongside Cintrifuse's accelerator and community programming.

Investment Approach

Cintrifuse Capital employs two complementary investment mechanisms:

1. Direct Investments The firm writes $100K-$500K checks directly into pre-seed and seed-stage startups based in the Greater Cincinnati region. A flagship vehicle is the Venture Velocity Program — an eight-week cohort-based accelerator that invests $100,000 per company in exchange for 6% equity, with follow-on capacity up to $250,000 based on outside capital raised. The firm also makes larger direct investments outside the cohort program. Through direct investments, Cintrifuse Capital provides access to its talent network, introductions to capital providers nationally, and enterprise customer connections.

2. Fund of Funds In Funds I and II, Cintrifuse Capital invested primarily in high-performing national venture capital managers aligned to invest in the US Midwest. The firm evaluated approximately 500 of the roughly 1,500 early-stage VC funds in the US, building strong relationships with Midwest-friendly national funds. Known fund-of-funds investments include Mercury Fund (Houston) and Sigma Prime Ventures. Through Fund III, the firm expanded to include both direct investments and continued fund-of-funds activity.

Stage Focus

For direct investments, Cintrifuse Capital focuses on:

• Pre-Seed: Initial checks through Venture Velocity or direct investment ($100K-$250K)
• Seed: Follow-on and direct investments ($250K-$500K)
• Series A: Selective participation in portfolio company follow-on rounds

Through its fund-of-funds strategy, Cintrifuse Capital gains exposure to all stages (Pre-Seed through Growth) via national VCs.

Check Size

Direct investment check sizes:

• Venture Velocity cohort: $100K initial, up to $250K total (6% equity)
• Direct investments outside cohort: $250K-$500K

Sector Focus

Cintrifuse Capital is sector-agnostic but demonstrates strong concentration in technology-enabled companies. Key sectors across the portfolio include:

• Enterprise Software & B2B SaaS: Pantomath (data pipeline monitoring), Lyceum (enterprise learning), Ellequate (HR tech), Nichefire (cultural intelligence), Flamel.ai (social media management), FinOpsly (FinOps automation), Narratize (AI storytelling)
• Healthcare & Digital Health: LiverRight (virtual liver disease care), PictureHealth (AI medical imaging), Soundtrace (industrial hearing conservation), Simbryo (endometrial fertility analysis), Healent (remote patient monitoring)
• Cybersecurity: Level 6 Cybersecurity, HEDY (AI-powered cybersecurity), Privaclave (field-level data protection)
• Fintech & Payments: pay theory (FinTech for must-pay industries), RiffPay (live entertainment payments), Payload (payment processing), FinOpsly
• Developer Tools & AI Infrastructure: Kernel (AI agent browser infrastructure), Pantomath (data ops), Tembo (background coding agents)
• PropTech & Real Estate: PropIQ (off-market deal discovery), Fixle (home management), Noshable, Lasoh (vacation rental tech)
• Consumer & Other: Clean Age (Gen Z personal care), Sprints (athletic apparel), Mimbbo (beauty services marketplace), LunchTable (fan activation)

The AI/ML theme is pervasive across the portfolio, reflecting the firm's openness to AI-native companies in any vertical.

Recent Activity

Cintrifuse Capital is actively deploying through Fund III:

• January 2025: Venture Velocity Cohort 2 — invested $1.25M across 5 companies (LiverRight, Mimbbo, Noshable, planeKrafty, Privaclave)
• 2025: Participated in Kernel's $22M seed/Series A led by Accel, with Y Combinator
• August 2025: Participated in Pantomath's $30M Series B led by General Catalyst alongside Sierra Ventures, Bowery Capital, Epic Ventures, Hitachi Ventures, and Foster Ventures
• May 2024: Received $10M from Ohio Department of Development (Ohio Venture Fund) creating a new $20M fund for Greater Cincinnati IT and healthcare software companies

Portfolio Highlights

Notable portfolio companies include:

• Kernel — AI browser-as-a-service infrastructure enabling AI agents to interact with the internet; raised $22M (Accel, YC)
• Pantomath — Automated data operations platform; raised $30M Series B from General Catalyst
• Cloverleaf — Team optimization HR tech; one of the most recognized Cincinnati SaaS exits/scale-ups
• Pieces — AI-enabled workflow co-pilot for developers
• pay theory — FinTech platform for mission-critical payment industries
• Airtrek Robotics — Airport ground operations robotics; SXSW finalist, active pilot at Gerald R. Ford International Airport
• Lyceum AI — Enterprise learning platform; raised $650K six months post-Venture Velocity

Team

• J.B. Kropp, Managing Director: Leads strategy and deployment of Fund III; recognized leader in early-stage investing and entrepreneurship with expertise in investments, product development, and strategic leadership.
• Max Dworin, Vice President: Former venture-backed founder; advises entrepreneurs on go-to-market strategy and fundraising.
• Ilana Habib, Principal, Direct Investments: Experienced operator, founder, and investor; passionate about building entrepreneurial ecosystems.
• Mark Wood, Director of Venture Growth: Extensive startup experience focused on empowering founders and fostering innovation.
• Madeline Martini, Head of Network: 7+ years driving growth at Bumble, Lime, and Built In; specializes in operations scaling and marketing strategy.
• Kyndal Michel Marks, VP of Finance and Accounting: Leadership experience in biotech, fund operations, and growth equity.
• Joseph Delworth, Analyst: Xavier University finance graduate with public equity valuation and private equity secondaries background.

Decision Process

Cintrifuse Capital operates with a partnership-style decision process led by Managing Director J.B. Kropp in collaboration with the investment team. The Venture Velocity Program uses a cohort selection process with mentors and investors involved in evaluating startups.

Geographic Focus

Primarily Cincinnati and Greater Cincinnati / Southwest Ohio region for direct investments. Broader Midwest exposure through fund-of-funds investments in national VC managers. The firm is one of the primary institutional backers of Cincinnati's startup ecosystem.

Founder Preferences

Cintrifuse Capital backs "great entrepreneurs addressing big market opportunities" — with emphasis on coachability, market ambition, and regional commitment. Through the Venture Velocity Program, the firm actively recruits diverse founders, including through its Emerging Founder Residency offering $300K to early-stage founders willing to relocate to Cincinnati.