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Advantage Capital

VC

USOtherHealthtechClimateEnterpriseConsumer

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Investment thesis

Advantage Capital is an impact investment firm founded in 1992 with an emphasis on driving capital to underserved areas—often in partnership with the public sector. The firm invests with intention in job-generating small businesses, along with affordable housing developments and renewable energy solutions, to grow local economies and communities. As stated by the firm: 'We invest in growth-ready entrepreneurs and industries in undercapitalized areas… We target job-generating small businesses to grow local economies. And we ensure positive outcomes are accompanied by positive returns.' The firm leverages public-private partnerships—including the federal and state New Markets Tax Credit (NMTC), Low-Income Housing Tax Credit (LIHTC), and Rural Jobs Act (RJA) programs—to funnel flexible equity and debt capital to businesses in rural towns and distressed urban census tracts that lack access to conventional sources of risk capital. Since inception, Advantage Capital and its partners have deployed more than $5 billion across more than 900 companies, supporting over 67,000 quality jobs, while also financing affordable housing and clean energy projects nationwide.

Notable quotes

What began as one fund in one state – focused exclusively on small businesses – has grown to dozens of states and programs that include affordable housing and renewable energy initiatives. Still, we recognize the challenges ahead and remain resolute in our determination to drive positive change while producing positive returns.

Steven Stull · https://www.advantagecap.com/about

Communities across the country are filled with innovative entrepreneurs who often lack access to the financial resources required to sustain success. By providing the right combination of capital and counsel, we help businesses grow, create jobs, and contribute to local economies.

Scott Murphy · https://www.advantagecap.com/about

Thoughtful fundraising and structuring are at the foundation of every one of our funds. As established experts in tax credit programs with an extensive network of investors, we design our funds to meet or exceed investor expectations while still producing the economic and community development impacts policymakers demand.

Michael Johnson · https://www.advantagecap.com/about

Team

Steven Stull

President & Founder

OtherConsumerEnterprise

Scott Murphy

Managing Director & Chief Investment Officer

OtherEnterpriseB2B SaaS

Michael Johnson

Managing Director

OtherFintech

Sandra M. Moore

Managing Director & Chief Impact Officer

Other

Lynn Ambrosy

Managing Director

Other

Tom Bitting

Managing Director

Climate

Recent investments

CompanyRoundSizeDate
Neato RoboticsGrowth Equity2026-04
JuristatGrowth Equity2025-11
beatBreadVC Round2025-08
Dimension EnergyDebt2025-06
Gravity DiagnosticsEarly Funding2025-02
OpendorseEquity
Recursion PharmaceuticalsSeries B$60m2017-10
Pacha Soap Co.Equity
Commercial Specialty Truck HoldingsEquity
Malone's CNC MachiningDebt/Equity$3m2024

Frequent co-investors

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