VentureSouth is pleased to report its results from a momentous year in 2022. As one of the nation’s leading early-stage investment organizations, the firm achieved several significant milestones last year despite challenging capital markets. Those results included:
- $12 million in capital invested in 34 companies, including 11 new additions to the portfolio
- Total investments to date reached $72 million across 98 companies
- Growth to more than 470 member investors
- New market expansions into Atlanta and Chattanooga
- Announced a new partnership with 757 Angels in Virginia
- Successfully closed VentureSouth Angel Fund V
- Once again recognized as a Top 10 Angel Group by the Angel Capital Association
New VentureSouth investments in 2022 included HealthyCell and MP Cloud in South Carolina, Pointivo and Wripple in Atlanta, HopDrive and RoundlyX in Virginia and Gradient Health in North Carolina. VentureSouth also made follow-on investments in nearly two dozen existing portfolio companies, including 6AM City, Case Status, Emrgy, Iconic Moments, Plantd, PunchList, Spiffy, Sprockets and Zylo Therapeutics.
VentureSouth membership reached a record high of 474 members in 2022, driven by further growth in existing markets and new expansions into Atlanta and Chattanooga, the first VentureSouth investor groups in Georgia and Tennessee.
The partnership with 757 Angels was announced in November and marks the second VentureSouth market in Virginia and the first integration of an existing angel group into the network. 757 Angels was founded in the Hampton Roads area of Virginia in 2015 and grew quickly, garnering recognition as a Top 10 Angel Group numerous times by the Angel Capital Association. Today the group has 140 members and has invested over $90 million. Beginning in June, the group will become part of the VentureSouth network, operating as 757 Angels, powered by VentureSouth.
Other notable achievements in 2022 included the successful closing of the fifth VentureSouth co-investment fund (VentureSouth Angel Fund V), launching the Palmetto Venture Fellowship in partnership with Venture Carolina and the South Carolina Department of Commerce, and being recognized as a top 10 angel investment group in North America by the Angel Capital Association for the fourth time. (nb fyi: the 1st of our 5 was from cb insights)
Charlie Banks, one of three VentureSouth Co-Founders and Managing Directors, reflected on the year saying, “We are immensely proud of the growth and achievements we experienced throughout 2022. We believe our progress is a testament to the appealing early stage investment opportunities in the Southeast, the talent of the entrepreneurs we back, the insights of our expanding investor base and the robust infrastructure we continue to build at VentureSouth.”