See story from Spartanburg Herald Journal here.
See story from GSA Business here.
SPARTANBURG, S.C. – The South Carolina Angel Network (SCAN) is pleased to announce a new investment led by Spartanburg Angels in Spartanburg-based food waste recycler Atlas Organics.
Atlas Organics takes food waste from grocery stores, hospitals, school districts, and restaurants, converts it to compost at its new facility, and provides the resulting product to farmers and landscapers. SCAN’s investment will fund the construction of the composting facility and expansion of collections across South Carolina and beyond.
Joseph McMillin, CEO of Atlas, explained: “As we are headquartered in Spartanburg, we were excited to work with Spartanburg Angels to help expand. Thanks to their investors, we have fully funded our expansion plans – and with the group’s mentorship, connections, and professional guidance we look forward to reaching our full potential across South Carolina and the southeastern United States.”
Spartanburg Angels was formed at the beginning of 2015 and now has over 30 members. Atlas is the group’s sixth investment and largest so far, following investments in ActivEd, Rival Health, Nirvana Sciences, Pharmright, and Servosity – some of the most innovative early-stage companies across the Carolinas. Sixty SCAN members from across the state invested in Atlas, along with SCAN’s co- investment vehicle, the Palmetto Angel Fund.
Paul Clark, director of Spartanburg Angels, added, “Spartanburg Angels launched in February, made its first investments in April, and led its first major funding of a Spartanburg company before the end of 2015. This impressive record testifies to the impact a professionally-managed angel group combined with talented entrepreneurs and committed investors can have.”
The South Carolina Angel Network (SCAN) is an affiliation of angel investor groups from across the Palmetto State that provide capital and expertise to early stage, high growth businesses in the southeastern United States. Through its 200-plus members and full-time professional staff, SCAN has invested nearly $16 million in 46 companies, generating positive financial returns, helping attract over $200M in additional capital, and supporting the creation of over 400 jobs. Visit www.scangelnetwork.com for more information.