Investor profile
Keyhorse Capital
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Keyhorse Capital is the venture arm of the Kentucky Science and Technology Corporation (KSTC), investing pre-seed and seed stage venture capital in high-growth, technology-enabled startups based in or willing to relocate to Kentucky. The firm backs exceptional founders building innovative, scalable companies across industries and sectors, with a focus on stimulating economic growth and job creation within the Commonwealth. Portfolio companies must demonstrate a validated prototype or early traction, a compelling market opportunity with national or global reach, and the potential for significant returns and employment impact in Kentucky. Operating through the Kentucky Enterprise Fund (KEF) and SSBCI-backed programs including the Kentucky Matching Ventures Fund, Keyhorse co-invests alongside angel and institutional investors to fill early-stage funding gaps. With over 600 companies funded, $100M+ deployed, and $3.3B+ in follow-on capital raised by portfolio companies, Keyhorse aims to be the most active early-stage investor in the state while building a self-sustaining, evergreen fund model.
Notable quotes
“It's hard to talk to profit-minded investors and bring up economic development — but not us. It's one of our goals. Ultimately, we're trying to stimulate growth and create value for Kentucky, particularly for the broader benefit of the workforce.”
“SSBCI 2.0 is a huge opportunity for early-stage startups in Kentucky. These funds will give more founders the chance to succeed with access to capital at those critical early stages. Our venture finance arm, Keyhorse Capital, has been doing this work for over two decades through the Kentucky Enterprise Fund.”
“We didn't start or build a single company. Founders did ... and we were lucky enough to be able to support a few of them financially. Without their risks, we can't take ours.”
Team
Recent investments
| Company | Round | Size | Date |
|---|---|---|---|
| Applied Industrials | Seed | — | 2026-04-01 |
| ConnectRate | Seed | — | 2026-04-01 |
| Illume | Pre-Seed | — | 2026-03-01 |
| Apellis Pharmaceuticals | Seed | — | — |
| Xometry | Seed | — | — |
| Cloverleaf | Seed | — | — |
| BehaVR | Seed | — | — |
| Mersive Technologies | Seed | — | — |
| Swell Health | Seed | $2m | 2025-02-21 |
| Thynk Health | Seed | — | — |
Frequent co-investors
| VC firm | Deals together |
|---|---|
| Bluegrass Angels | 3 |
| Peak State Ventures | 1 |
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