Mountain Top Media
Blue Gem Capital launches $1 million angel investment fund for Appalachian entrepreneurs
PIKEVILLE, Ky. — A group of local investors based in Pikeville have officially launched Blue Gem Capital, a new angel investment fund dedicated to supporting companies originating in the Central Appalachian region and businesses conducting substantial operations within the region.
Blue Gem Capital will make equity and equity-like investments in early-stage to mid-sized Main Street and high-growth small businesses. The Fund is designed to cultivate a diverse portfolio of investment opportunities across various industries and stages of growth, with a strong emphasis on regional economic development.
The Fund is currently capitalized at $1.1 million, raised from 14 private investors along with support from Kentucky-based Commonwealth Seed Capital Fund.
Blue Gem Capital is managed by its private investors, who collectively review and approve all investment transactions. The majority of investments will be made within the Central Appalachian region, reinforcing the Fund’s commitment to strengthening local businesses and communities.
Rick West, Chairman of Blue Gem Capital and a longtime regional business leader and investor, emphasized the long-term vision behind the initiative.
“Forming a fund like this has been a goal of our investor group for some time,” said West. “We believe there is tremendous untapped potential in Central Appalachia. Blue Gem Capital is perfectly positioned to support promising, emerging companies in need of growth capital while also creating meaningful opportunities for community-minded investors to invest back into the region.”
Jessica Bledsoe, Director of Impact Investing at the Foundation for Appalachian Kentucky, highlighted the importance of expanding access to capital in the region.
“We are fortunate to have a fund like Blue Gem Capital rooted right here in our region,” said Bledsoe. “Access to early-stage capital has historically been one of the biggest barriers facing entrepreneurs in Central Appalachia. This fund represents more than investment dollars. It represents belief in our people, our ideas, and our future. With support from partners like the Foundation for Appalachian Kentucky, the U.S. Economic Development Administration (EDA), the Appalachian Regional Commission (ARC), Appalachian Investors Alliance (AIA), and SOAR, we are building the infrastructure entrepreneurs need to grow businesses, create jobs, and strengthen our local economy.”
Blue Gem Capital is part of a multi-state network of angel funds managed by the Appalachian Investors Alliance. Through this network, the Fund can leverage shared expertise, co-investment opportunities, and regional collaboration to better support portfolio companies and investors alike.
Entrepreneurs seeking investment and individuals interested in learning more about becoming investors can visit https://bluegemcap.com. Applications and additional information are available online.
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Two plead guilty to conspiracy to distribute meth in Wise County
ABINGDON, Va. — Two people pleaded guilty in federal court this week to conspiring to distribute meth in Wise County.
Randall Neil Peaks, 53, entered a guilty plea on Wednesday and Elizabeth Ann Sexton, 36, pleaded guilty on Friday.
Both had been charged with conspiracy to distribute more than 500 grams of meth. Peaks pleaded guilty to that charge, while Sexton pleaded guilty to a lesser charge involving more than 50 grams.
Peaks now faces a potential life sentence, while Sexton faces up to 40 years.
Both are being held in the Southwest Virginia Regional Jail at Abingdon. Sentencing dates have not yet been set.
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