# Mountain State Capital

Mountain State Capital is a Private Equity based in Morgantown, United States.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Morgantown, United States
- **Region:** North America
- **Address:** 5000 Greystone Drive, Morgantown, WV 26508, United States
- **Founded:** 2019
- **Assets under management:** Undisclosed
- **Website:** www.mountainstatecapital.com
- **LinkedIn:** https://www.linkedin.com/company/mountain-state-capital

## Regulatory record

- **Reports private funds:** No

## About

Mountain State Capital invests when a company has found product-market fit and is ready to scale, including software, hardware, services, and life sciences companies. Initial investments are generally part of a large Seed round raising $1 million to $5 million, with typical checks of $200,000–$500,000. The firm targets the greater Appalachian region and prefers companies within a 6-hour drive of its offices in Pittsburgh, PA and Morgantown, WV.

## Sectors

- Enterprise Software
- Life Sciences
- Hardware
- AI/ML

## Offices

- Pittsburgh, PA, United States

## People

- Mike Green — Co-Founder & Managing Director
- Matt Harbaugh — Co-Founder & Managing Director
- Dr. Nick Pachuda — Venture Partner

## Questions

### Who runs investment decisions at 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.

### How does Mountain State Capital source proprietary deal flow?

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.

### What investment stages does Mountain State Capital typically target?

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.

### Which sectors does Mountain State Capital invest in?

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.

## Related profiles

- [MountainStar Partners](https://altss.com/profile/mountainstar-partners)
- [Mount Allison University Endowment](https://altss.com/profile/mount-allison-university-endowment)

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Last updated: 2026-08-11T15:07:26.757Z

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