VentureSouth celebrates 10 years & announces 2023 results
February 16, 2024
VentureSouth, the Southeast’s largest early-stage investment organization, is thrilled to announce its 10th anniversary, marking a decade of an unwavering commitment to “make money, have fun, and do good.”
VentureSouth began from efforts led by Matt Dunbar, Charlie Banks, and Paul Clark to build upon a successful model of community angel groups that began in Greenville with the formation of the Upstate Carolina Angel Network (UCAN) in 2008. UCAN was created by a group of investors in Greenville seeking to support the local entrepreneurial ecosystem. UCAN’s early successes inspired the idea to expand regionally, attracting more investors and making larger investments in the most promising companies across the Southeast.
Over the last decade, VentureSouth has grown to over 550 members across the Southeast, has invested over $80 million in over 100 companies, generated strong investment returns for investors, and helped its portfolio companies raise $1 billion in follow-on capital and create more than 1,500 jobs.
Tim Reed, a longtime VentureSouth member and one of the founders of UCAN, stated, “This is a significant milestone considering the economic roller coaster we’ve experienced since the beginning of UCAN in 2008. Charlie, Matt, and Paul took this concept and grew it exponentially over the last 10 years, and I’m excited to watch them continue the growth. On behalf of all VentureSouth members, hats off to them!”
VentureSouth will formally celebrate its decade milestone at the 2024 VentureSouth Summit, an annual gathering of its members from across the region, next week in Greenville, SC.
In addition to the exciting anniversary, VentureSouth is proud to announce another strong year of investment activity for 2023. Despite unsteady capital markets, VentureSouth invested in 30 early-stage companies throughout the Southeast. Roughly half of the funding went to support existing portfolio companies to help them navigate a difficult funding environment, while the remainder was invested in 11 new additions to the portfolio. Membership continued to grow, with a year-end count of more than 550 members, representing an 18% increase over last year. VentureSouth was also, once again, recognized as one of the Top 10 Angel Groups in North America by the Angel Capital Association.
New additions to the VentureSouth portfolio in 2023 included Columbia, SC-based CADchat, a secure communications tool enabling designers to work with 3D files more efficiently; Birmingham, AL-based Yuva Biosciences, which leverages AI and mitochondrial science to develop anti-aging products; Greenville, SC headquartered Base HQ, a software platform that provides a full-stack solution for Executive Assistants; Atlanta, GA-based Tendonova, a micro-invasive medical device for treating tendinopathy; and Chapel Hill, NC-based Modern Ritual, a teledermatological platform giving care providers the ability to image, assess, and triage various skin conditions more effectively.
Other highlights from the year included investment returns from four portfolio companies, the launch of a new VentureSouth group in Jacksonville, FL, and a strategic partnership with 757 Angels in Norfolk, VA.
To learn more about VentureSouth and its plans for 2024, please visit www.venturesouth.vc.
