| Welcome to the Refinery Ventures Newsletter! We’re excited to bring you a recap of our recent X15 events and updates on our portfolio companies. Enjoy this month’s edition! |
Team Updates
Patrick attended this year’s Cincinnati AI Week, held June 9th–12th at Union Hall, which brought together innovators, technologists, and business leaders to explore the latest advancements in artificial intelligence. The event featured panels, workshops, and networking sessions focused on how AI is shaping industries and transforming the future of work.
Tim traveled to French Lick, Indiana, on June 25th–26th for the inaugural Great Lakes VC Summit, a first-of-its-kind gathering he helped found to unite leading investors from across the Midwest. Set in an unexpected but fitting location, the summit brought together over 60 venture capitalists from seven Great Lakes states—representing billions in AUM—for two days of meaningful conversations, new connections, and bold ideas. More than just a networking event, the summit marked the start of a new chapter for the region’s tech economy: more connected, more confident, and more collaborative. With momentum building, the Great Lakes is stepping into its own as a powerful force in innovation.
Where We’re Going
The Refinery team is traveling to New York, Columbus, Cleveland, and Indiana! Check out the dates below and email Tim if you would like to connect.
X15 Dinner in Columbus
On June 4th, the X15 Dinner series continued in Columbus with one of the most open and engaged groups yet. With Tim and Peter in attendance, the evening was marked by candor, curiosity, and a shared commitment to building better. The conversation quickly moved beyond small talk and into the realities of leadership, not just surrounding yourself with smart people, but creating a culture where challenge is welcomed and comfort is resisted. From hiring for stage-specific mindsets to knowing when to step back, the group dug into the real tensions of scaling with clarity and conviction. Standout reflections included the idea that hiring is about who can grow into something even bigger, that culture is shaped by the unwritten rules of decision-making, and that healthy debates depend on leaders who actively invite dissent. One founder captured the contrast between building for the first time and doing it again, how blind optimism can carry you early on, while experience can sometimes lead to over-engineering. That tension between trusting the process and staying scrappy, underscored the importance of self-awareness and a team willing to push when it matters most. The night was a clear reminder of what the region needs more of: early-stage capital, founder-led growth, and honest conversations that challenge us to think bigger.
X15 Dinner in Cincinnati
The X15 Dinner in Cincinnati on June 18th brought together a sharp, grounded group of founders, operators, and product leaders for an evening of real conversation and shared insight. The energy in the room was focused and candid, with participants diving straight into the hard realities of startup growth from knowing when a hire is truly a keeper to managing the ROI of time and team energy. Reflections around culture, communication, and team dynamics sparked honest discussion: that saying yes to everything can quietly erode what makes a company great, that overcommunication isn’t just helpful but essential to building trust, and that while A players are key, it’s often the B players who consistently move the ball forward. Drawing from experiences at companies like Yelp, Workday, CoverMyMeds, Livegistics, Coterie, Virta Health, and General Assembly, the group brought a wealth of perspective without pretense. It was a night that cut through the noise, focused on challenge over comfort, clarity over consensus, and the shared belief that building well means staying open, scrappy, and committed to growth that actually scales.
X15 Dinner in Bentonville
The most recent X15 Dinner took place on July 10th in Bentonville and gathered a thoughtful, grounded group of founders and leaders for a night of real conversation, sharp insight, and plenty of laughter. The dialogue was honest and wide-ranging, from the raw grit required to build in the early days to the seasoned experience it takes to scale responsibly. Participants reflected on the role of humility and curiosity in leadership, the value of walking away when the spark is gone, and how culture, like ice in a drink, can dilute quickly without intentional care. Equity and talent were key themes throughout the night: how employees perceive ownership, how to communicate its value, and how hiring expectations are shifting across Northwest Arkansas. With more talent moving to and staying in the region, the group explored what it would take to fuel more startups here and how to encourage more people to bet on bold ideas. It was a conversation deeply rooted in place, shaped by Bentonville’s unique momentum and legacy, and energized by a shared belief that the next wave of builders is already here.
News Across the Portfolio
Torch Acquires Praxis Labs to Scale Human-Centered Leadership with AI
Torch has acquired Praxis Labs, combining its contextual coaching platform with Praxis’s AI-powered learning tools. This move transforms leadership development from a personal benefit into a scalable, data-driven engine for organizational growth.
Astronomer partnered with DeepLearning.AI to launch a short course on orchestrating GenAI workflows using Apache Airflow. The course helps developers move from prototypes to production pipelines, with a focus on reliability, modularity, and real-world use cases.
Customer Impact: Gainsight Closes $383K ARR
Champion helped Gainsight rebuild its customer reference program, reducing match and scheduling times by over 75%. By centralizing advocate data and streamlining workflows, the new process generated $ 383,000 in additional annual recurring revenue (ARR) in just 90 days.
Fooji Powers Panera’s Summer Swim Soups Drop
Fooji partnered with Panera to launch a soup-inspired summer merch campaign, turning a quirky insight into real results. The limited-time digital pop-up shop sold over 11K items in one week, drove 55K+ site visits, and fulfilled 841 orders nationwide.
Frayt on What Matters in Final Mile
As last mile costs rise and the market heads toward $324B by 2029, Frayt breaks down five essentials for choosing the right delivery partner—covering reach, reliability, and real cost control.
Picture Health Announces Strategic Partnership with IAG
Picture Health has partnered with Image analysis Group to advance AI-powered imaging in oncology clinical trials. By combining their PX Platform with IAG’s Dynamika, the collaboration will enable earlier response detection, better patient satisfaction, and more predictive treatment insights to accelerate drug development
RedCircle Breaks Down Podcast Ad Insights from Alex Cooper
Alex Cooper, host of Call Her Daddy, shared sharp advice on what makes podcast advertising work. RedCircle distilled her takeaways into three key lessons for brands looking to better connect with engaged listeners.
StoryTap Powers Digital Advocacy Through Video
From influencing policy to raising awareness, brands are using StoryTap to amplify real voices. The National Retail Federation, Houston Methodist, and Surrogacy UK are turning personal stories into powerful advocacy tools—showing how video can drive impact far beyond testimonials.
Refinery Job Opportunities
Check out the link below to explore careers at Frayt
Check out link below to explore the Data Analyst position for hire
