Refinery Ventures

Tim Schigel leads the firm as Managing Partner. The investment team is small, comprising a Principal, an Associate, and a Director of Operations under his direction. The precise governance structure for final investment committee approval has not been publicly detailed, though Schigel’s role as serial entrepreneur and prior venture investor at firms such as Allos Ventures positions him as the central decision-maker.

Refinery explicitly targets founders in 'emerging venture markets' — geographies where venture capital density is lower than coastal hubs. Its primary sourcing advantage comes from Schigel’s established network in the Midwest and the firm’s content strategy, particularly the Fast Frontiers podcast, which surfaces non-obvious companies. The firm also relies on referrals from its extended bench of serial entrepreneur-advisors.

Refinery does not describe itself as a generalist firm. It concentrates on early-scale technology companies in healthcare, human capital, media, and marketing. Within those verticals, it looks for teams with unique, contrarian insights into complex industry problems and a demonstrated ability to generate consistent revenue before scaling.

The firm invests in companies that have achieved product-market fit and are on a trajectory toward a Series A round. This 'early-scale' focus is distinct from seed-stage investing — Refinery looks for a consistent revenue stream and early customer validation before committing capital. It then supports the operational transition from founder-led sales to a repeatable go-to-market engine.