Recapping Managing Partner, Victor Gutwein, and Associate, Leandro Bedolla, trip to Cincinnati and Covington, KY at the end of April. They attended the KY Backed event and hosted a M25 & Friends Happy Hour.
From April 23rd to 25th, Victor and Leandro embarked on a journey through Covington, KY and Cincinnati, OH. This trip showcased the vibrant immersion of the thriving startup ecosystems on both sides of the Ohio River.
Kentucky Backed: Uniting the KY Venture Ecosystem
Their first stop was the Kentucky Backed event in Covington, an initiative by Keyhorse Capital. This gathering, now in its second year, proved to be a pivotal moment for the Kentucky venture ecosystem. It was a ‘who’s who’ of the Commonwealth’s investor, startup and economic development community, and the event was a testament to the growing vibrancy of Kentucky’s startup scene.
M25 & Friends Cincinnati Happy Hour
Following the Covington event, they hosted a M25 & Friends Cincinnati Happy Hour across the Ohio River in the heart of Over-the-Rhine (OTR). It was an evening filled with networking and collaboration, bringing together around 50 attendees like various local co-investors, serial founders and community champions. Among the notable attendees were folks from Cintrifuse, Connetic Ventures, CincyTech, Refinery Ventures, Fireroad Ventures and many others.
Insights and Encounters
Throughout our trip, we had the privilege of meeting numerous individuals who are driving innovation and entrepreneurship in the region. Some notable names include Keith McMunn and Ben Strevy of Awesome Inc., Kelby Price and Zeeshan Bhatti from Keyhorse, Robert LaMothe from Commonwealth Seed Capital, to Dave Knox of Blue North and many more. Each interaction provided valuable insights into the dynamic landscape of Kentucky and Cincinnati’s startup ecosystems. They also caught up with multiple Club M25 Founders like Lyden Foust of Spatial, Terry Wall of Carefeed, Jennifer Mason of Titlewise; Angie Ammon of Tesouro and Nick Cramer of Harper.
“This was an incredibly dense and impactful trip—a chance to see the movers and shakers of both the Kentucky venture ecosystem and the greater Cincinnati community. With four investments in Kentucky and nine in greater Cincy, we look for as many reasons to spend time here as we can, and we made the most of it. There is so much activity happening across Kentucky and it was heartening to see the various players come together again and discuss how to foster continued growth. And Cincy continues to grow and build on it’s successes, it’s always a major city of focus and investment at M25,” Victor said.
Stories of Resilience and Reinvention
Victor’s observation encapsulated the essence of our journey, highlighting the collaborative spirit and momentum driving growth in the region. One of the most compelling aspects of our trip was learning about the resurgence of repeat and serial founders within the community. Ry Walker, the cofounder of Cincy’s first unicorn Astronomer — has both launched another Cincy-based startup Tembo and is teaming up with Coterie cofounder Tim Metzner to launch Fireroad Ventures (and has been specifically collaborating with longtime local accelerator Ocean). Blake Smith, founder of Cladwell, now lends his GTM expertise to other local and regional founders through his firm Allsmith (and coaches founders as a venture partner/EIR at local VC firms on the side). Chris Bergman, the founder of Familytech, now runs a video game development studio across from Findlay Market in OTR. These stories are super common here — and provides a maturity to the startup ecosystem not often seen across the Midwest.
Covington’s Charm and a Skyline Chili Experience
While in Covington, the team experienced the city’s charm firsthand, with Victor & Leandro opting for a stay at the swanky Hotel Covington. Beyond the bustling startup scene, Covington offered a glimpse into its rich culture and rapidly evolving downtown landscape. Leandro embraced the local flavors by trying Skyline Chili for the first time — a quintessential Cincinnati experience that left a lasting impression. Victor also got to enjoy his first ever Brazilian jiu-jitsu class through an invite from Blake Smith at his local martial arts studio. He may have had 40 pounds on Blake, but got absolutely destroyed. Quite the way to start the day!
“It was cool to learn more about the efforts that these ecosystem champions, among others, are all doing to build an even stronger future for the Cincinnati and Covington startup ecosystems,” Leandro said.
From forging new partnerships to savoring local delicacies (like Kentucky bourbon & Skyline Chili), every moment was a testament to the boundless potential of the region’s startup ecosystems. As we reflect on our experiences, one thing is clear: the future of innovation in the Cincinnati ecosystem and Kentucky is brighter than ever.
About M25: M25 is an early-stage venture firm based in Chicago, investing solely in tech startups headquartered in the Midwest. Since launching in 2015, M25 has become one of the most active investor in the region, quickly becoming the preferred seed investor for the next generation of Midwest unicorns. Portfolio companies include Kin Insurance, Loop Returns, Astronomer, Summersalt, SteadyMD, Branch, Authenticx and more. For more information, please visit www.m25vc.com.
