Middletown native J.D. Vance has started a new venture capital firm that will be based in Cincinnati.
Vance, author of “Hillbilly Elegy,” has raised $93 million with a goal of $125 million for the Narya Capital fund, according to online news site Axios.
The company will focus on investing in startup companies in cities like Salt Lake City, Atlanta and the Raleigh/Durham area, Axios reported.
Previously, Vance was managing partner of the Rise of the Rest Seed Fund, a $150 million early-stage fund.
The venture capitalist said he invested in Rise of the Rest to bring technology and other middle class wage paying jobs to areas most in need, like Ohio, and not only high investment places such as New York, Massachusetts and California.
In 2017, the 35-year-old told the Dayton Daily News he moved back to Ohio from Washington, D.C. to tackle some of the problems he wrote about in his book.
“I’ve always wanted to move back to Ohio,” Vance said. “…I really wanted to work on some of the problems I write about in the book because it’s primarily diagnostic, it’s not prescriptive so I talk about those problems but I don’t necessarily talk about a way out and I think that to work on those solutions is (number) one, important and two, you have to be close to where the problems are.”
Axios reported Vance has brought on Falon Donohue, who is well-known in Ohio for her work in venture capital. She reportedly resigned this week from her position leading VentureOhio, a non-profit that promotes venture capital investing in Ohio.
Vance enlisted in the Marines after he graduated from Middletown High School in 2003 and was sent to Iraq. The Ohio State University and Yale University alumnus lives in Cincinnati with his wife and a son.
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