Cortado Ventures Research
Investment Thesis
Cortado Ventures is an Oklahoma City-based venture capital firm founded in 2020 by a team of seasoned CEOs and industry veterans. The firm invests in seed-stage frontier technology companies transforming legacy industries in America's Midcontinent region. Their core thesis holds that the convergence of technology disruption in traditional sectors — energy, healthcare, manufacturing, and logistics — is creating exceptional investment opportunities in a region long overlooked by coastal venture capital.
Cortado focuses on enterprise SaaS and frontier technologies in physical and life sciences, backing experienced technical founders who are emerging from industry with deep sector knowledge and disruptive ideas. They seek companies demonstrating capital efficiency with the potential for exponential improvements in productivity and safety standards. As articulated by Managing Partner Nathaniel Harding: the third wave of innovation is happening "not in spite of being different, but because of that difference" — outsiders who connect dots in ways insiders cannot.
Stage Focus
Cortado primarily targets pre-seed and seed stage investments, with follow-on capability through Series A and beyond. Their most common entry point is Seed, representing 16 of their 29 portfolio investments as of December 2025. They have also participated in 9 Series A rounds and 1 Series B. The firm prefers to be one of the first institutional investors and frequently leads or co-leads seed rounds.
Check Size
Typical first check ranges from $100,000 to $2,000,000 at the seed stage. The firm led a $1.8M seed round in Tobe Energy (September 2025). They maintain significant reserves for follow-on investments in portfolio winners. Average Seed round size across portfolio is $1.89M; average Series A is $9.05M.
Geographic Focus
Cortado is distinctly Midcontinent-focused — Oklahoma, Arkansas, Kansas, Missouri, Nebraska, and adjacent states form their primary geography. This regional focus is central to their thesis: they believe entrepreneurial talent is ripe in the Midcontinent, with founders emerging from deep industry experience in energy, agriculture, and manufacturing. The firm actively connects Midcontinent portfolio companies to capital centers in San Francisco, Austin, and New York. They seek and find global inspiration from founders in Dallas, Bentonville, Albuquerque, Singapore, Chile, and Abu Dhabi while investing regionally.
Lead Tendency
Cortado frequently leads or co-leads seed rounds. They led the $1.8M Tobe Energy seed round (September 2025) with co-investors including 46VC, Techstars, and Wavefunction VC. As lead investors, they provide executive coaching to portfolio company CEOs and take board or observer influence. They describe themselves as hands-on partners who add strategic planning, training, and guidance beyond capital.
Recent Activity and Fund Status
- Fund I (~$30M, 2020–2022): Fully deployed. Performance in top 10% of similar-maturity VC funds in the US. Multiple portfolio companies achieved $1M–$40M+ ARR.
- Fund II ($80M, closed 2024): Actively deploying. 4 new investments in 2025; 2+ investments in 2026 as of mid-year. Oversubscribed at close; total AUM now exceeds $110M.
- Frontier Fund (size undisclosed): Recently launched dedicated vehicle for aerospace, defense, and deep-tech. Investments in Quantum Space and Agile Space Industries made through this vehicle.
- Angel Fund ($10M, launched February 2026): Focused on Oklahoma-based startups at the earliest stages, providing catalytic capital to founders building technology-driven businesses.
The firm's financial performance is reported as better than approximately 90% of all VC firms in America (2024 year-end). Total portfolio enterprise value exceeded $1.9 billion as of January 2026, against approximately $30M+ deployed from Fund I.
Sector Focus
Key investment sectors:
- Energy and Clean Tech — traditional energy technology, green hydrogen, electrolysis, climate solutions, energy storage
- Life Sciences and Healthcare — digital health platforms, AI-driven clinical tools, biotech therapeutics, neurodegenerative disease
- Aerospace and Defense — space propulsion systems, UAS/drone technology, defense manufacturing, satellite sensors
- Manufacturing and Advanced Materials — hybrid polymer materials, industrial efficiency AI, advanced manufacturing
- Logistics and Mobility — supply chain, smart transportation, underground delivery systems
- Enterprise Software — B2B SaaS and vertical software for legacy industries, AR/VR enterprise tools
The firm recently expanded into aerospace and defense through the Frontier Fund, aligning with the Trump administration's focus on technological dominance and national security — sectors Cortado views as a "national imperative" where the Midcontinent has legacy expertise and emerging talent.
Portfolio Highlights
29 portfolio companies as of December 2025, with a total enterprise value exceeding $1.9 billion (January 2026 report). Notable companies:
- ArborXR (Norman, OK): Enterprise AR/VR content management platform. Now at Series B ($34.6M raised total).
- Sober Sidekick (Bentonville, AR): Sobriety tracking and wellness community platform. Raised Series A in December 2025.
- Recuro Health (Richardson, TX): Comprehensive primary care platform with telemedicine and diagnostics. Now at Series B ($89.3M raised total).
- Agile Space Industries (Durango, CO): Chemical in-space propulsion systems. Series A in December 2025 ($9.7M round).
- Boddle Learning (Kansas City): AI-driven interactive math education games. Seed round April 2026.
- Tobe Energy (Oklahoma City): Green hydrogen electrolysis achieving 94.7% efficiency; pilot plant at Zeeco's Broken Arrow facility.
- Purple Rhombus (Austin, TX): Aerospace and defense company designing and building UAS systems. Invested June 2026.
- Quantum Space: Space technology company led by former NASA Administrator Jim Bridenstine. Invested June 2026 via Frontier Fund.
- MITO Materials: Advanced hybrid polymer materials for multiple industries. Acquired by First Graphene (June 2026) — first portfolio exit.
- Pipedream Labs: Underground hyperlogistics delivery system — Jetsons-style infrastructure.
- Lumata Health: Digital health platform for patient engagement.
- Apricot Health: AI-driven home health documentation solution.
- Cadenza Bio: Therapeutics targeting neurodegenerative and inflammatory diseases.
- AI Driller: Real-time drilling operations data, planning, and AI for the oil and gas industry.
Notable co-investors include Oklahoma Life Science Fund, Mayo Clinic, Raytheon, Google, Techstars, 46VC, Boyd Street Ventures, LRVHealth, and Arch Venture Partners.
Team
- Nathaniel Harding, Managing Partner — Co-founder; background in founding and managing venture capital in Oklahoma; built the largest VC firm of its kind in state history; grew up in oil and gas family; active writer and speaker on Midcontinent venture.
- Mike Moradi, Co-Founder and General Partner — Named Kauffman Fellow 2024; thought leader and connector; appeared on Newsmax and Fox News; spoke at USA House during Davos 2026 on "Space: Perspectives on the Future."
- David Woods, Co-Founder and Strategic Partner — Published author of "Old-Fashioned Leadership: Lessons from the Patio"; leads professional development within the firm.
- Susan Moring, General Partner — Named NVCA Rising Star 2024; manages investment process from pipeline through portfolio to exit.
- Jim Bridenstine, Partner — Former NASA Administrator (2017-2021); now serving as CEO of Quantum Space (portfolio company).
- Simone Sparks, Director of Marketing and Events — Leads marketing strategy and events including the Midcontinent Venture Capital Summit.
- Hailey Moxley, Accounting Manager — Leads financial operations.
- Mansi Patel and Matt Waraich — Investment support team.
The firm also runs the "Cortaditos" internship program, recruiting investment summer analysts and subject matter experts. 18 total team members as of late 2025.
Decision Process
Partnership model with Managing Partner Nathaniel Harding and Co-Founder/General Partner Mike Moradi leading investment decisions alongside other GPs. The firm reviews pitches on a rolling basis. Warm introductions are preferred but not required — founders may pitch directly at [email protected] with a deck covering business model, market opportunity, and team background.
Founder Preferences
Cortado favors technical founders with deep industry experience — operators and engineers who've spent years inside the legacy industries they're disrupting. They value capital efficiency and look for founders who demonstrate a clear path to exponential productivity improvements. Oklahoma and Midcontinent ties are valued but portfolio includes companies from Austin, Durango, Bentonville, and Kansas City. The firm particularly values founders who have observed a clear inefficiency from within an industry and are disrupting it from the outside perspective of a startup.