Refinery Ventures closes second fund at $37 million

Refinery Ventures, a Cincinnati area venture firm, officially closed its Fund II in December at nearly $37 million, slightly above its initial target of $35 million and more than double Refinery’s inaugural $15 million Fund I that closed in 2018.

According to this article from Cincy Inno, the firm’s sweet spot is post-seed start-ups in enterprise Software-as-a-Service fields like information technology, human capital, digital health, and media and marketing. Refinery also plans to make larger first-check commitments (between $2 million to $3 million) with Fund II.

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