New State Capital Partners Fund IV

United States

Series A

About New State Capital Partners Fund IV

New State Capital Partners Fund IV is a venture capital firm based in United States, focusing on Series A stage investments. The fund actively supports founders building innovative solutions in E-Commerce, Deep Tech, Enterprise Software, SaaS, providing strategic guidance and capital to help startups scale.

Investment Focus

Location / RegionUnited States

Funding StageSeries A

Industry Focus

Deep Tech

Ecommerce

Enterprise Software

Saas

Investor Signals Profile

active

Sweet Spot

Lower middle market services CEO with buy-and-build vision

lower middle market

buy-and-build

add-on acquisitions

services

sustainability/energy efficiency

Bullish Signals

Add-on completed within 4 months of entryexternal

Portfolio co won MCAA Safety Excellence Awardexternal

Active deal activity Dec 2025external

HFI acquires Ecofriendly Mechanical — sustainability add-onlinkedin

40+ yr family business acquired — legacy deal flowlinkedin

CEO Steve Dawson driving buy-and-build executionlinkedin

Sustainable HVAC focus deepens post-acquisitionlinkedin

Ecofriendly Mechanical specializes energy-efficient HVAC solutionslinkedin

HFI expanding resources & capabilities via M&Alinkedin

State Capital Partners: 4mo post-entry add-on confirmedlinkedin

Shared commitment quality sustainability — cultural fit stronglinkedin

Contrarian Signals

HVAC/mechanical — niche sector focusexternal

Founder Do's

show add-on acquisition potential

highlight operational scalability

demonstrate safety/compliance culture

emphasize energy efficiency angle

highlight family-owned or legacy business background

Founder Don'ts

avoid pre-revenue or early-stage pitches

don't skip operational metrics

avoid consumer-facing businesses

Key GPs & Partners

Steve Dawson

CEO, Harrell-Fish Inc.

buy-and-build executionsustainability-focusedoperational scale

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Fund Overview

Fund Size$700M

Saves0

Website

Key People

David Blechman

Steve DawsonCEO, Harrell-Fish Inc.

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