Heartland Ventures launches $60 million Fund III to power America’s reindustrialization
The new $60M fund is backed by nearly 1,000 Midwest industrial owners and aims to modernize America’s legacy sectors. Heartland flips the VC script by using factory bosses as investors, giving startups built-in customers to solve the region's labor gap.
Heartland Ventures, a Columbus-based venture capital fund, announced the first close of its $60 million Fund III. This new fund is dedicated to connecting the Midwest’s industrial might with the next generation of technology startups.
Why it matters
The firm’s "owner-operator" model flips the traditional venture capital script. By pooling capital from nearly 1,000 Midwestern industrial leaders—rather than just institutional investors—Heartland Ventures creates a built-in customer base for the startups it backs.
The big picture
The launch coincides with a broader push for the "reindustrialization" of America, a movement which is well suited to call Ohio home as a central tech hub for advanced manufacturing, logistics, and robotics innovation.
- The new fund brings Heartland’s total capital raised to over $140 million.
- It specifically targets early-stage industrial tech startups (Seed and Series A) that can solve labor shortages and efficiency challenges for legacy industries.
What they're saying
Max Brickman, Managing Director at Heartland Ventures, told Ohio Tech News that the demand on Ohio companies is set to skyrocket over the next decade.
"With re-industrialization, there’s going to be an incredible increase in manufacturing demand," Brickman said. He noted with limited labor pools that have historically been shrinking, "the only way to really bridge that gap between need and capacity is through technology."
The Heartland model
Heartland Ventures identifies technology being developed globally and connects it directly to buyers in the Midwest. "We're identifying tech, really, from anywhere,” Brickman said. “But the startup customers are in places like here in Ohio.”
This proximity is crucial. Brickman explained that early stage tech companies need to be in Ohio "to be in proximity to the people who understand their product the best, whether it be to get feedback or to bring on strategic... industry talent."
The firm’s founders and funders act as a stress test for new investments.
JR Renbarger, VP of Capital Management at Shiel Sexton (a Heartland LP), noted in the announcement, “they help direct us to the solutions that will have real and sustained impact on our industry. This gives us a huge leg up over our competition.”
From the startup side, Ryan Joyce, Founder and CEO of GenLogs (a portfolio company), added that the firm "opened doors to the exact industrial buyers we had been trying to reach for months."
Heartland by the numbers:
- Fund III Size: $60 million target.
- Total Raised to Date: $140 million.
- Check Size: Typically $2 million to $3 million.
- Track Record: 25 portfolio companies since 2017, including the recent September 2025 acquisition of Firmus AI.
The "Ohio" opportunity
Beyond capital, Heartland is betting on Ohio's growing reputation. Brickman observed that "people are associating Ohio with reindustrialization," a branding shift that is attracting more talent and projects to the state.
For Heartland Ventures, the goal is to bring tech to the state early and help established businesses in areas like manufacturing innovate. "The more technology we can bring to the state early... the more competitive the state will be," Brickman said.
