# HG Ventures

HG Ventures is a corporate venture capital fund operated by The Heritage Group, a family-owned holding company based in Indianapolis, Indiana. The fund invests in early- to growth-stage startups addressing sustainability, advanced materials, environmental solutions, and industrial innovation.

The fund focuses on five market categories: Environmental Services, Specialty Chemicals, Transportation and Infrastructure, Energy, and Food and Agriculture. Supporting these are enabling technology platforms in Software/AI, Circularity, Advanced Materials, Industrial Operations, and New Business Models.

A key differentiator is access to The Heritage Group's network of operating companies, which provide portfolio companies with R&D capabilities, manufacturing scale-up assistance, pilot project opportunities, supply chain connections, and market introductions. HG Ventures has backed more than 80 companies since inception.

## Website Sections

- Home, Approach, Advantage, Portfolio, Team, News & Insights, HG Accelerator, and The Heritage Group overview
- Portfolio is filterable by sector: Chemistry, Digital, Electrification, Environmental, Infrastructure, and Materials

## Notable Portfolio Companies

Battle Motors (electric refuse trucks), Vartega (recycled carbon fiber), Pretred (fleet software), ZwitterCo (water treatment membranes), SolarCycle (solar panel recycling), 120 Water (water quality monitoring platforms), Duality Robotics (industrial AI simulation software), and 6K (battery and specialty material production technology).

## Investment Team

**Kip Frey** is a Managing Director and co-founder of HG Ventures. Before founding HG Ventures, he served as Vice Provost for Innovation & Entrepreneurship and Professor of Law at Duke University. His career spans CEO roles at seven startups and ten years as a partner at Intersouth Partners. Earlier in his career he practiced intellectual property law and held business unit roles at Turner Broadcasting, contributing to the acquisition of Castle Rock Entertainment and the formation of the Cartoon Network.

**John Glushik** is a Managing Director at HG Ventures with more than 20 years of experience as a venture investor. Prior to HG Ventures, he served as General Partner at Intersouth Partners and Managing Director of the Duke Angel Network. He began his career as a mechanical and aerospace engineer at Duke University, MIT, and General Electric.

**Ginger Rothrock, Ph.D.** is a Managing Director at HG Ventures specializing in science and engineering innovation. Before joining HG Ventures, she served as Vice President of Technology and Commercialization at RTI International, where she oversaw the commercialization of a $1 billion portfolio of R&D. She is also a scientist and serial entrepreneur.

**Natalie Cira** is a Principal at HG Ventures, responsible for sourcing, due diligence, deal execution, and ongoing portfolio company support. Prior to HG Ventures, she was an investor at BHP Ventures, the venture capital arm of BHP, the world's largest mining company, where she led investments spanning critical minerals, biomining, bioremediation, carbon removal, and advanced water treatment. She previously worked in investment banking at Whipstitch Capital.

**Mitch Black** is Venture Director at HG Ventures, focused on helping portfolio companies progress from product-market fit through exit. He brings more than 30 years of executive experience, including leading the managed mobility business unit at Motus and scaling three SaaS companies — MOBI, Viral Launch, and Shiftlab — through capital raises, two of which achieved successful exits.

**Erin Crowther** is an Associate on the HG Ventures investment team, focused on deal sourcing and due diligence. Before joining HG Ventures, she held strategy roles across The Heritage Group's corporate and business units. She graduated summa cum laude from the University of Dayton with a BSBA in Entrepreneurship, Finance, and Marketing.

**Jonathan Schalliol** is Finance & Operations Lead at HG Ventures, responsible for finance, operations, and incubation opportunity sourcing. He has more than ten years of experience in innovation and investment roles across The Heritage Group. Prior to The Heritage Group, he founded a tech startup and held roles at Plug & Play, Merrill Lynch Investment Banking, Ernst & Young, and Apple.

**Sarah Schlifke** is Platform Manager at HG Ventures, responsible for connecting portfolio companies with The Heritage Group's operating companies to drive collaboration, pilot opportunities, and growth. She has more than 15 years of experience leading cross-functional teams, product innovation, and strategic operations across high-growth and established organizations.

**Sarah Minnick** is Senior Administrator at HG Ventures, supporting the investment team with a background spanning executive support, project management, and human resources across industries including automotive manufacturing.