Mountain State Capital

Co-Founders and Managing Directors Mike Green and Matt Harbaugh jointly lead investment decisions from offices in Morgantown, WV and Pittsburgh, PA. Green brings operational experience from LoudCloud and FORE Systems, while Harbaugh’s background includes serving as CIO of Innovation Works and leading a startup acquired by Facebook. Dr. Nick Pachuda drives life sciences deal evaluation as Venture Partner.

The firm enforces a strict geographic mandate, investing exclusively within a 6-hour driving radius of its two offices. This encompasses the greater Appalachian region — West Virginia, central and western Pennsylvania, eastern Ohio, eastern Kentucky, western Maryland, western Virginia, western North Carolina, and eastern Tennessee. By embedding deeply in a territory that coastal funds rarely visit, the firm sees companies before they enter competitive national auction processes.

Mountain State Capital targets Seed rounds where the company has found product-market fit and is raising $1 million to $5 million. Initial checks range from $200,000 to $500,000, with follow-on reserves for best-performing companies. The firm requires that portfolio companies have at least 18 months of runway post-investment.

The firm invests broadly across software, hardware, services, and life sciences. Life sciences investments are led by Dr. Nick Pachuda, a former foot-and-ankle surgeon who previously led external innovation for Johnson & Johnson’s orthopedic device division and currently serves as COO of portfolio company Peptilogics.

The firm typically participates in large Seed rounds and can help identify additional investors if the company needs to fill out the syndicate. The website does not specify whether Mountain State Capital leads rounds or exclusively co-invests, describing its role as investing 'as part of a large Seed round.'