The top 50: Kip Frey, executive vice-president for new ventures, the Heritage Group; managing director, HG Ventures

Kip Frey is executive vice-president for new ventures at US-based construction conglomerate the Heritage Group and managing partner for its corporate venture capital arm, HG Ventures.

Since its formation in 2018, HG Ventures has invested more than $65m in hardtech startups and now has a portfolio of 24 companies. The unit was created to drive innovation and growth by investing in private companies and new technologies in its parent company’s core industries of environmental services, speciality chemicals, and transportation construction and materials.

Recent investments include involvement as lead investor in the $17m series A round for Valerann, a data analytics service for road network operators, as well as a role in the $12m series A round for robotics developer Duality.

HG Ventures also oversees the Heritage Group Accelerator, which brings 10 early-stage and early-growth companies to the Center, the Heritage Group’s state-of-the-art R&D facility in Indianapolis, Indiana. HG Ventures provides the startups with funding, mentors, and access to technical expertise to develop and refine their business plans.

Prior to joining the Heritage Group, Frey was the vice-provost for innovation and entrepreneurship and professor of law and public policy at Duke University. He practised intellectual property law before joining Turner Broadcasting System where he contributed to the acquisition of Castle Rock Entertainment, the formation of the Cartoon Network and the construction of the MGM Grand Hotel.

Frey has served as CEO of several startups and as a partner at venture capital firm Intersouth Partners. Frey is a graduate of the University of Southern California and of Duke Law School.