Upstate Upstarts and Abundance Capital launch Catalytic Fund to fuel local innovation
December 16, 2024
The Upstate Upstarts program, a community-driven initiative promoting high-growth early-stage companies in Upstate South Carolina, announced a new opportunity to allow investment through charitable donations.
The Upstate Upstarts List features 100 companies developing innovative technologies and businesses in the region. In 2024, a collaboration among partners including Venture Carolina, VentureSouth, and the Appalachian Regional Commission led to the establishment of an investment fund aimed at these companies.
To expand the available funding, Upstate Upstarts is partnering with Abundance Capital, a nonprofit venture philanthropy platform based in Greenville, SC. Abundance Capital helps donors make impactful investments in their communities, allowing their charitable contributions to earn financial returns for future reinvestment.
Together, Upstate Upstarts and Abundance Capital are launching the Upstate Upstarts Catalytic Fund, which enables investors to support the Upstate Upstarts portfolio of local entrepreneurs through tax-deductible charitable donations. Donors can contribute to a Donor Advised Fund hosted by Abundance, which will then invest into companies on the Upstate Upstarts List that are making a positive impact on the economy, environment, and community.
Margaret Gifford, co-founder of Abundance Capital, stated, “Investing in early-stage companies can be challenging. The Upstate Upstarts Catalytic Fund provides a new avenue for individuals to use their charitable contributions to support local businesses that are fostering sustainable communities and creating jobs. If you already have a Donor Advised Fund, you can easily shift proceeds into the Upstate Upstarts Catalytic Fund. If you’re setting up your first Donor Advised Fund, we’re here to help you get started.”
Charlie Banks, Executive Director of Venture Carolina, added, “The Upstate Upstarts List showcases the exciting early-stage companies in our region. The Catalytic Fund offers a unique way for individuals to invest in them. We believe this initiative will enhance funding for startups and strengthen our entrepreneurial ecosystem.”
Eligible companies for the Upstate Upstarts List must be based in the seven counties of Upstate South Carolina, demonstrate high growth potential, and have at least $150,000 in annual recurring revenue or a minimum of eight employees. Upstate Upstarts Fund investors must meet SEC accreditation requirements, but the Catalytic Fund is open to anyone wishing to make a charitable donation, whether through an existing Donor Advised Fund or by creating a new one with Abundance.
For more information, please visit www.abundancecap.org/uu-fund or www.upstateupstarts.com.
About Abundance
Abundance Capital is a nonprofit intermediary that helps donors invest in their communities through donor-advised funds. To learn more, please visit www.abundancecap.org
About Upstate Upstarts
Upstate Upstarts is a community-driven collaboration dedicated to showcasing and supporting the dynamic entrepreneurial spirit of Upstate South Carolina through a curated list of emerging companies and an efficient investment platform. To learn more, please visit www.venturecarolina.org.
