A Cincinnati entrepreneur has become a general partner in an Atlanta venture capital firm with a specific focus that will look to invest in the Queen City. Paul Armstrong, who co-founded well-known Cincinnati startup Choremonster more than a decade ago, has helped launch Renew Venture Capital with his college roommate, Atlanta-based Mark Hubbard. Armstrong is one of seven general partners in the firm, while Hubbard is managing partner.

Natalia Bishop, founder of Story and Level Up, entrepreneur in residence at Amplify and director of innovation and entrepreneurship at the University of Louisville, has joined Renew Venture Capital as general partner. The new firm is raising a $50 million fund, which will be used to write early-stage checks to scalable startups committed to social impact, as well as women, LGBTQ+, Black, LatinX and other diverse founders that have been excluded in venture capital.

Atlanta has another venture capital fund in the market. Mark Hubbard, a longtime local investor and entrepreneur, is launching a $50 million impact fund under Renew Venture Capital. Inside the fund: The impact fund is the first for Renew Venture Capital, a brand Hubbard has used for years for investing. Now, Hubbard has a team of eight general partners around the country who are sourcing deals from startups committed to social good or startups founded by women or people of color. General partner Rebecca Turk is also based in Atlanta.

Bahl joined Renew VC after most recently serving as CEO of Toronto Business Development Centre (TBDC). Bahl departed that role last year after a three-year tenure. Under her leadership, TDBC approved 100 international startups to expand into the North American market. Founded in 2021, Renew VC partners with underrepresented founders building businesses committed to diversity and equity. Renew VC is aiming to raise $50 million for the Impact Fund, which will invest $250,000 to $3 million in “early stage, profitable, scaling Impact companies and in women, and historically excluded founders.”