New investments

VentureSouth investment in Spiffy

Today VentureSouth is pleased to announce its members have invested in Spiffy.

Spiffy's press release on its $9 million funding round is below (and picked up in PE Hub, Markets Insider, WRAL Techwire, and other places). The Triangle Business Journal has more.

A cliche of angel investing is you "back the jockey not the horse." The Spiffy team is one of the most impressive group of entrepreneurs we have ever had the opportunity to back.

Scot Wingo's track record of ecommerce success is unequalled in the Carolinas; coupled with Karl Murphy's operational capacity and expertise in the car maintenance world, and the wider team's breadth, depth, and capability, the team scores higher in our diligence evaluation than virtually any other company we've seen. We look forward to working with, and learning from, them as they grow Spiffy.

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RESEARCH TRIANGLE PARK, N.C., July 17, 2018 /PRNewswire/ -- Get Spiffy, Inc. (Spiffy), an on-demand car care, technology, and services company, today announced the closing of a $9m fund raise led by Bull City Venture Partners.

The new capital infusion will enable Spiffy to broaden car care services, expand geographies, and develop additional channels.

All existing Spiffy investors, including IDEA Fund Partners, participated in the funding and new investors were added including strategic investor MANN+HUMMEL. Other investors included Visionary Private Equity Group, the North Carolina Venture Capital Multiplier Fund, Wolfpack Investor Network (WIN), and VentureSouth.

"Since our first investment, Spiffy has grown from three to five markets, added several new services like mobile oil change, and dramatically expanded their fleet business. With this financing, we are excited to continue to support Spiffy on their very impressive growth trajectory," said Jason Caplain, general partner Bull City Venture Partners.

"Just as e-commerce changed the retail landscape, on-demand services are changing consumer expectations around every touchpoint in a service interaction. Investing in Spiffy gives us the opportunity to explore the fascinating intersection of our products and their on-demand services," said Charles Vaillant, MANN+HUMMEL Chief Technology Officer.

"We continue to experience over 100% y/y growth and incredibly high customer satisfaction. We look forward to using the proceeds of this round to roll out more 5-star services, geographies, and channels," said Spiffy CEO, Scot Wingo.

Dr. Ron Zamber, Chairman of Visionary Private Equity Group commented, "VPEG is excited to be an investor in Spiffy as they are capitalizing on their unique approach to market in a methodical and precise manner. Beyond the rapid rise in on-demand services, Spiffy via Spiffy Blue (a proprietary on-board diagnostics solution) is also well positioned to capitalize on the explosion in the IoT market which is predicted to generate $300 Billion annually by 2020 being led by manufacturing, transportation, and logistics."

About Spiffy

Spiffy (www.GetSpiffy.com) is an on-demand technology and services company with the mission to redefine the car care experience everywhere. Anyone can schedule a service in less than two minutes with the Spiffy app. Spiffy currently operates in Raleigh and Charlotte, North Carolina, Atlanta, Georgia, Los Angeles, California and Dallas, Texas. Spiffy washes, details, and changes oil using the Spiffy Green environmentally-friendly system that is the eco-friendliest way to care for your vehicle. Spiffy's innovative technology allows clients to schedule, track and pay for services at the time and location of their choosing. The Spiffy Blue on-board diagnostics solution puts Spiffy technology in customers' hands nationwide.

Asheville Angels leads investment in Brightfield Transportation

Asheville Angels reached a milestone this month, executing its 10th investment. Local company Brightfield Transportation is helping to power the EV revolution by allowing us to drive on sunshine.

You can read the press release here and more coverage on Venture Asheville's twitter feed - which you need to follow - and courtesy of the Asheville Citizen-Times.

VentureSouth's latest investments - Crowdr and Target

VentureSouth is pleased to announce its latest investments. Thanks to the Moultrie News, Charleston RBJ, and others for helping to publicize the exciting news for Crowdr and Target Pharma.

For the record, VentureSouth didn't invest the $637,000 listed on Crunchbase, Target doesn't have $1.4 million left to raise, and the Palmetto Angel Fund didn't invest all the $250,000 in Crowdr. Crunchbase is good, but initial SEC Form D filings and crowd-sourced data do not always tell the full story on fundraising!

Still, these were material investments for VentureSouth, and we're delighted to be partnering with such impressive companies. We wish both the best of luck.

And a self-plug: learn more about angel investing in SC at one of our upcoming sessions on Crowdr.

Spartanburg Angels Leads VentureSouth's Investment in Local Company Atlas Organics

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.”

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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.

Capital Angels and Palmetto Angel Fund Invest in SC-based PharmRight Corporation

COLUMBIA, S.C. – Capital Angels, the Midland’s angel investor group that is part of the statewide South Carolina Angel Network (SCAN), and The Palmetto Angel Fund, a collaboration between Capital Angels and the other angel groups affiliated under SCAN, is pleased to announce a new investment in South Carolina-based PharmRight Corporation. 

PharmRight has developed LiviTM, a cloud-connected, automated medication dispenser for use in homes and institutional care settings to improve medication adherence and reduce the burden on caregivers. Bill Park, CEO of PharmRight explained: “LiviTM is a product with nationwide scope and interest, but we are excited to have secured more funding from local investors to facilitate our commercial launch. SCAN’s diligence process was rigorous, so we are pleased to have convinced their investors to support our company.” 

Charlie Banks, Managing Director of Capital Angels and SCAN, noted “ We’re excited about Pharmright and their potential to make a meaningful impact on the lives of many. They are a great team and South Carolina is fortunate to have them building a company in our state.” 

SCAN groups, led by Greenville’s Upstate Carolina Angel Network, and the Palmetto Angel Fund also recently invested in Greenville-based startup TipHive, a cloud platform for improving knowledge sharing and communication within enterprises, ending a busy summer of investing in some of South Carolina’s most exciting early stage companies. 

SCAN, a professionally-managed network of over 200 angel investors, strives to generate attractive investment returns and strengthen the long-term economic health of our state by investing in innovative young companies. For more information on membership in Capital Angels, or any of the investor networks across SCAN, please visit www.scangelnetwork.com.

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Upstate Carolina Angel Network and Palmetto Angel Fund Invest in Greenville Startup TipHive

Greenville, S.C. – The Upstate Carolina Angel Network (UCAN) and The Palmetto Angel Fund are pleased to announce the closing of an investment in local startup company, TipHive.

TipHive is a cloud-based software platform for improving knowledge sharing and communication within enterprises, using “hives” that can store, share and search any topic. The company located in Greenville as part of the 2013 class of the local Iron Yard startup accelerator. 

Joost Wentink, Founder & CEO of TipHive, said “Our goal is to build a global tech player right here in Greenville. Having UCAN join our team is a big step toward achieving that goal and shows the commitment of the Greenville business community to invest in innovate companies that are taking on big opportunities. Their active involvement in developing the business has already had significant impact.” 

UCAN is an affiliate of the South Carolina Angel Network (SCAN), a professionally-managed network of 8 local angel groups comprised of over 200 angel investors working to make a more efficient market for early stage capital in and around South Carolina. The Palmetto Angel Fund is an affiliated committed capital fund that co-invests alongside SCAN investor groups. 

Matt Dunbar, Managing Director of the UCAN and SCAN noted “We are excited to back Joost and the TipHive team. Their platform is clearly solving a pain point in enterprise communications, and we’re encouraged by the early traction they’ve gained with significant customers.” 

In addition to TipHive, SCAN and the Palmetto Angel Fund also recently invested in Charleston-based startup Pharmright, producer of the Livi home automated medication dispenser to improve medication adherence. 

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SC Angel Network and Palmetto Angel Fund Invest in Charleston-based PharmRight Corporation

CHARLESTON, S.C. – The South Carolina Angel Network (SCAN) is pleased to announce a new investment made by the organization’s statewide groups of angel investors, in Charleston-based medical device company PharmRight Corporation. SCAN, a professionally-managed network of over 200 angel investors, strives to generate attractive investment returns and strengthen the long-term economic health of our state by investing in innovative companies. 

PharmRight has developed LiviTM, a cloud-connected, automated medication dispenser for use in homes and institutional care settings, to improve medication adherence and reduce the burden on caregivers. Bill Park, CEO of PharmRight explained: “LiviTM is a product with nationwide scope and interest, but we are excited to have secured more funding from local investors to facilitate our commercial launch. SCAN’s diligence process was rigorous, so we are pleased to have convinced their investors to support our company.” 

The investment was led by Lowcountry Angels, the SCAN affiliate based in Charleston, which was formed earlier in 2015. This was the first investment from the group. It was joined by investors from Asheville Angels, Spartanburg Angels, and Capital Angels in Columbia. Their investment was matched by the Palmetto Angel Fund, an investment fund that co-invests alongside SCAN groups. 

SCAN groups, led by Greenville’s Upstate Carolina Angel Network, and the Palmetto Angel Fund also recently invested in Greenville-based startup TipHive, a cloud platform for improving knowledge sharing and communication within enterprises, ending a busy summer of investing in some of South Carolina’s most exciting early stage companies. 

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Electric City Angels Make First Investment

Electric City Angels Make First Investment

Angel Group Gaining Traction in Anderson

ANDERSON, S.C. – Electric City Angels, Anderson’s angel investor group that is part of the statewide South Carolina Angel Network (SCAN) is excited to announce that they have made their first investment. Electric City Angels met for the first time in March, has seen several promising companies pitch to its members, and has now funded its first investment.

The investment was in ActivEd, Inc., which was also funded by other SCAN groups over the summer. ActivEd develops online lessons to help schools teach required curriculum standards by incorporating“kinesthetic”  (movement-based) learning through its  “Walkabouts” learning platform. Based on the research of Furman University Professor Julian Reed, a leading authority on kinesthetic learning, ActivEd is already selling the “Walkabouts” platform to schools across the US, including schools in Anderson,from its headquarters here in the Upstate. Dr. Reed stated, “ActivEd is delighted to have investors from Anderson who are helping us expand the reach of our unique learning tool. Walkabouts will help schoolswith the ever-increasing pressure to improve educational outcomes, and we are  delighted to begin this process at home in South Carolina.”

Craig Kinley, e-City Angel Network founding memberstated, “We are delighted by the enthusiasm for angel investing here in the Anderson area. Our investors have participated in its first regional investment, which is a remarkable accomplishment in just a few short weeks.”

Angel investors are successful business and community leaders with diverse backgrounds that invest in and support high-growth entrepreneurs to make attractive financial returns and support the local business community.

VentureSouth Makes Three New Investments

COLUMBIA, SC – The South Carolina Angel Network (SCAN) announced three new investments made by the organization’s statewide network of angel groups. SCAN, a professionally-managed network of over 200 angel investors, works to create a more efficient market for early stage capital in South Carolina by aggregating strong deal flow and interested investors in the Palmetto State – and with co-investors in neighboring states.

Most recently, SCAN groups invested alongside angel and venture groups from Alabama and Georgia in RivalHealth. RivalHealth, founded by Pete Durand and based in Raleigh, provides highly-personalized exercise and nutrition plans through an online wellness platform that improves the fitness and health of employees. Pete explained, “RivalHeath helps organizations improve the health, fitness, and morale of their employees through daily exercise and nutrition coaching, social challenges, administering incentives, and measuring outcomes from our proprietary RivalRating measurement system.”

This investment was funded by the following VentureSouth groups:

Several of these groups also participated in a second, undisclosed, investment in a North Carolina-based life science technology company, and the Upstate Carolina Angel Network and the Palmetto Angel Fund invested further in Proterra, the designer and manufacturer of electric vehicles based in Greenville, South Carolina. They joined several major institutional and venture capital investors in the $30 million Series D investment.

Paul Clark, Managing Director of the South Carolina Angel Network (SCAN), noted that, “These investments show our angel investors fulfilling our goal to “make money, have fun, and do good.” Each company is an innovative and impressive business that should grow rapidly and generate strong investment returns; each provides advanced and sophisticated technology that has been fun to analyze; and each is doing invaluable work in improving the health, fitness, and environment of people across the southeast.”

VentureSouth-wide investments begin with ActivEd

VentureSouth exists to encourage collaboration between angel investors across our state. Our goal is to fund fully our best early stage companies - so they can spend less time fundraising and more time building great businesses.

As the UBJ and others around the state reported we are realizing our goal. The investment in ActivEd is the first time that almost all of the angel groups affiliated with SCAN have invested together in supporting a South Carolina-based company. Over 60 investors, from Asheville to Charleston, joined the UCAN-led angel round.

This is not only the first truly state-wide "syndication" by SCAN groups. It is also the first investment from Spartanburg Angels, as the Herald-Journal covered this weekend. Congratulations!

Sharing the best investment opportunities, due diligence, and industry expertise across the state; pooling capital to diversify risk; and helping communities form their own angel groups. This is what SCAN is for and we are proud to be executing on our plan.