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§ Venture Capital · Indianapolis, IN, USA
Corporate venture capital investing in early-stage hard tech startups, focusing on sustainable fuels and CO2 utilization.
HG Ventures is a corporate venture capital arm that invests in early-stage to growth-stage startups developing transformative hard tech technologies, particularly in core and adjacent markets to its parent company, The Heritage Group. The firm provides capital, access to corporate labs, mentors, market insights, R&D expertise, and pilot testing to its portfolio companies, which often focus on sustainable fuels, CO2 utilization, and other innovation beyond core markets. Since its inception, HG Ventures has invested in 35 companies, notably participating in INERATEC’s $129 million raise. The venture arm is led by Managing Directors John Glushik, Ginger Rothrock, and Kip Frey, with Mitch Black recently appointed as its first Entrepreneur-in-Residence. Founded in 2018, the organization does not publicly list specific founders.
Key people at HG Ventures.
Key people at HG Ventures.
HG Ventures is the corporate venture capital arm of The Heritage Group, focused on investing in early to growth stage companies that develop advanced materials, systems, and technologies primarily for transportation infrastructure, environmental services, specialty chemicals, and related industrial sectors[1][4][7]. Their mission centers on supporting innovation and growth by partnering with visionary entrepreneurs to bring impactful R&D to market, leveraging The Heritage Group’s deep industry expertise and resources to add value beyond capital[1][3][8]. HG Ventures typically invests up to $20 million per company, with flexibility on deal size, and takes a long-term approach to value creation without fixed liquidity expectations[1][3][4]. Their impact on the startup ecosystem includes accelerating hard tech startups through capital, industry connections, pilot testing, and mentorship, particularly in sustainable materials and infrastructure technologies[5][7].
Founded in 2018 as part of The Heritage Group’s New Ventures arm, HG Ventures was created to extend the company’s legacy of innovation in industrial and infrastructure markets into the venture capital space[5]. The Heritage Group itself is a privately held portfolio of companies dating back to 1930, with a strong focus on building world-class businesses in construction materials, chemical processes, and environmental solutions[3]. HG Ventures was established with a small, experienced investment team that operates with agility and flexibility, combining traditional venture capital practices with the strategic advantages of The Heritage Group’s operational expertise and research capabilities[3][4]. Since inception, HG Ventures has invested in over 35 companies, including those focused on AI-powered construction data and advanced recycling technologies, reflecting its evolving focus on transformative industrial tech[5][6].
HG Ventures rides the growing trend of corporate venture capital targeting deep tech and sustainability-focused startups in industrial sectors. The timing aligns with increasing demand for advanced materials, infrastructure modernization, environmental sustainability, and digital transformation in construction and manufacturing[1][7]. Market forces such as regulatory pressure for greener solutions and the need for resilient infrastructure create fertile ground for HG Ventures’ investments. By bridging startup innovation with established industrial expertise, HG Ventures influences the broader ecosystem by accelerating commercialization of hard tech innovations and fostering collaboration between startups and large industrial players[5][7][8].
Looking ahead, HG Ventures is poised to deepen its impact by continuing to back transformative technologies that align with sustainability and infrastructure modernization trends. Their integrated platform approach—combining capital, industry expertise, and accelerator programs—positions them well to support startups through complex commercialization pathways. As global infrastructure demands grow and environmental regulations tighten, HG Ventures’ influence is likely to expand, helping shape the future of industrial innovation and sustainable materials. The firm’s long-term, patient capital model and strategic corporate backing provide a strong foundation for sustained growth and ecosystem leadership[5][6][8].
HG Ventures has more than 26 tracked investments across 23 companies. The latest tracked deal is $236.0M Grant / Series A in R3 Robotics in February 2026.
