News & Insights

May always seems to be a busy month, with schools ending, graduation ceremonies, conferences, and summer planning. Here’s a quick look at the events and accomplishments keeping VentureSouth members busy during the month.Meetings:We shook up our monthly meeting cadence in an experiment we called the “Spring Seasonal Summits.” The goal was to consolidate our monthly member meetings into fewer, but bigger, meetings in North and South Carolina – and see how larger crowds and a full day of angel investing impacted the “vibe.”Over 75 angel investors met in both Charleston (for pitches, presentations, and to watch the Riverdogs crush it) and Greensboro (for similar ideas, though the weather forced a relocation from baseball to brewery - which didn’t get too many complaints). Particular highlights were the site visits to portfolio companies Case Status, Bublish, and Soelect. Angel investing can sometimes seem theoretical and virtual; the best parts are meeting in person and seeing the tangible results of the investing and the companies’ work, so we are thankful these companies let us drop by.Thanks especially to everyone who hit the road to join the meetings. Though not quite in the league of our annual Summit (like this one), getting together in larger groups is always a fun experience for angels; we hope you enjoyed them as much as we did, and look forward to a “fall” reprise.Investments: After a big April, May was quieter on the investing ledger. Nonetheless, we funded over $200k into one new company, and exercised our pro rata positions in two existing portfolio companies raising additional capital. Total investment rounds now stands at 312.Deals & Diligence: Behind the scenes, four companies competed in the screening meeting at the beginning of the month, and two continued through our diligence process (under the eagle eye of Jewel).Don’t forget you can explore a subset of these opportunities yourself, for free via www.vicinityventures.vc or www.vicinitycapital.com to see the public deals. You’ll need to be a VentureSouth for all of them ,of course..Portfolio: Notable news from the portfolio in May included:BreachRx announced a new $15M Series funding round led by Ballistic VenturesIconic released its next notable artist set - Whip Out the Paints and Get To It by Rebecca Rose.Reveal Mobile announced a partnership with SOMO, and OneDigitalTrust announced a partnership with RCB Bank, and Sharpen announced a partnership with Chime Health.And if you prefer audio: Paul welcomed portfolio companies Protect3d and MPath onto the Venture in the South podcast, which is also available now in video form here. (Subscribe on Spotify or leave a review on Apple podcasts!)Out & About:And, as usual, we kept our cars busy as we covered the southeast. You might have seen: Paul around Greenville at Ten at the Top, or office hours at NEXT, or at the Furman Advantage Greenville – or on the road meeting entrepreneurs and investors in the TriangleMatt at Seed the South in Charlotte.And more.

April has been quite a month in the stock market. It’s less easy to see into opaque private markets, but it’s also been quite a month in the angel investing markets in the Southeast. Here’s the Vicinity Ventures April 2025 recap to give you a peek into what we’ve been working on.Investments: Big venture capital funds are making major bets on AI startups. Reflecting that national trend, VentureSouth members also made two big AI bets in April, investing over $1.2M in two rounds for AI-related companies. We don’t “break the news” of our companies’ investment rounds, but you’ll likely read more about these rounds as they are announced. We’re excited to invest in companies doing real things with AI here in our backyard.AI, though, represented less than half of our investments this month. VentureSouth members and funds invested over $2.4M in six companies (two new and four follow-on rounds) in total – not a bad pace of deployment for an angel group! In addition, Boyd Cycling successfully closed its community funding round, raising $589,550 from individuals across its “Vicinity” to fund continued expansion.Returns: As many tourist VCs and one-shot angels have painfully learned since 2021, deploying capital is only the first step; getting it back again is much harder!That is why we are particularly pleased that the last few weeks also saw VentureSouth members receiving proceeds from three companies – a bridge loan paying out interest, a prior-exited company releasing extra funds from a transaction escrow, and, most excitingly, over $3M returned as a long-standing portfolio company was acquired. Again, you’ll be reading more when the deal is announced, but (for now anonymous) congratulations to the team on a successful culmination of a LOT of hard work.Deals & Diligence: As usual, regardless of capital deployed or exits secured, work continues on new investment ideas, with four companies competing in the screening meeting at the beginning of the month, and two finishing the diligence gauntlet.Since the VentureSouth + Vicinity partnership was announced in February, you can begin exploring a subset of these investments yourself. Sign up for free at www.vicinityventures.vc or www.vicinitycapital.com to see the public deals, and upgrade to VentureSouth membership to see the menu exclusively available to VentureSouth members.Portfolio: Notable news from the portfolio in April included:A major partnership announced between Gradient Health and the Rajpurkar Lab in the Department of Biomedical Informatics at Harvard Medical SchoolBabylon Microfarms made it onto NBC when it covered the MSC World America’s maiden voyage (complete with two Microfarms)Baebies received FDA “breakthrough device” designation for the first point-of-care heparin monitoring assay.And more, including Darby adding a new CEO, Healthycell now being available on iHerb, and Atticus starting its new clinical trial for androgenic alopecia.If you prefer audio: David welcomed portfolio companies Gradient Health, Yuva, and Bublish onto the Venture in the South podcast. (Subscribe on Spotify or leave a review on Apple podcasts!)Meetings & Membership:We held angel investor meetings in Asheville, Greenville (twice!), Atlanta, Chattanooga, and online, and welcomed new members to our flock across the Southeast.We thanked our sponsors Insperity, Burr & Forman, and Rhodes Companies for their contributions to the VentureSouth angel investor community.Out & About:And we hit the road, of course! You might have seen Eric and Allen scrambling to meet Fran Tarkenton in Atlanta, Paul Newsom co-organizing the No Boundaries pitching competition in Aiken, or Charlie flying the flag in Ponte Vedra Beach with our Jacksonville angels.But not before getting out all the VentureSouth K-1s. K-1 Kudzu ran longer than we like, but all K-1s were out by April 15th. Now just waiting for my stragglers from non-VentureSouth investments, then I can file…Lastly, it’s hard to believe it, but April 2025 also saw the 10th anniversary of the first meeting of Lowcountry Angels, back in the misty distant past of April 2015. Time flies like a Mallard when you’re having fun.

Vicinity Capital & VentureSouth unite to expand local investors' access to startups, real estate & angel investment opportunities.

VentureSouth and Vicinity are pleased to announce a powerful new joint venture to create the premier platform for local alternative investing – Vicinity Ventures.
 

A recap of VentureSouth's angel investing activities across the southeast in October 2024

VentureSouth is excited to announce investments totaling $5.5 million.

Durham, N.C. – VentureSouth, one of the country’s largest early stage investment firms, is pleased to announce that Jonathan Heigel, a longstanding member of the group, will now serve as the director for VentureSouth Triangle in Durham. After graduating from Duke University with a B.A. in economics and political science and an M.B.A. from the Fuqua School of Business, Jonathan worked for the US Navy and several consulting companies across the US, before forming his own business consulting and advisory firms. “VentureSouth is thrilled to continue working with Jonathan, now in his role of director of our angel investment group in the Triangle,” said Paul Clark, managing director of VentureSouth. “Jonathan has been a valuable VentureSouth member for several years, as an investor, due diligence team member, and advocate. His service on the board of directors for portfolio companies, most recently for Seal the Seasons in Durham, lets him apply his consulting and entrepreneurial expertise, to early stage companies in the region. We are thrilled to have him leading our efforts in the Triangle.” “I’m very excited to be taking on an active role representing VentureSouth in the Triangle,” said Jonathan. “Having recently relocated to Raleigh, it’s incredibly exciting to see how the region has exploded in so many ways since my college days. The vitality and volume of entrepreneurs, venture investors, and the startup ecosystem matches anything I’ve seen elsewhere in the country, and I’m excited to become a part of it.” With over 500 members, VentureSouth has invested in over 100 companies throughout the Southeast, including over 25 in the Triangle. The organization is excited about continuing to attract new investors into early stage investing, and funding companies in one of the most dynamic entrepreneurial ecosystems in the Southeast.

Venture Carolina, a nonprofit dedicated to bridging the funding gap between investors and entrepreneurs has once again partnered with the South Carolina Department of Commerce’s Office of Innovation, VentureSouth, and the South Carolina Jobs-Economic Development Authority (JEDA) to launch the 2023 Palmetto Venture Fellowship, a program designed to create more local accredited investors and expand risk-capital accessibility for early-stage startups in South Carolina. Following its highly successful inaugural launch in 2022, the Palmetto Venture Fellowship, recently kicked off in Greenville with its 2023 class. The 30 fellows will meet three times throughout the year for two days of comprehensive education on the intricacies associated with early stage capital formation.The curriculum consists of topics such as valuations, term sheets, capitalization tables, due diligence, board governance, and exit strategies. “The caliber of the 2023 class proves that South Carolina can assemble a group of business leaders that would rival any state in the country,” said Venture Carolina Executive Director Charlie Banks. “It is even more exciting that these individuals represent a tangible building block for the sustainability of South Carolina’s innovation economy. I was truly blown away at the combined talent and energy during our first gathering.” Thomas Rhodes, President of The Rhodes Companies stated, “South Carolina has great potential to be a destination for entrepreneurs and growth capital. This cohort brings together a diverse group of people, all of whom are committed to our state and region. I am fortunate to be included.” John Brice, Managing Partner of Poseidon Capital Ventures stated, “The program has already exceeded my expectations, even as an experienced venture investor. The community aspect coupled with the expert education provided by the facilitators is a unique opportunity and great add to any prospective venture investors and community builders across South Carolina.” Rozalynn Goodwin, VP of the SC Hospital Association and successful entrepreneur stated, “It’s an honor to participate in this cohort of the Palmetto Venture Fellowship. I am excited about all we are learning and the relationships we are building to move South Carolina’s economy forward through innovation.” The 2023 class of the Palmetto Venture Fellows was selected by a committee of business leaders and investors throughout South Carolina, in addition to nominations from the 2022 class of Palmetto Venture Fellows. The full class listing can be found on Venture Carolina's website.

VentureSouth is proud to announce a major milestone, as the firm and its investors have now invested in 100 early-stage companies. Earlier this month, VentureSouth invested in Darby, a healthcare technology startup, marking the 100th company in the firm’s portfolio. Darby is based in Greenville, SC where VentureSouth got its start 15 years ago with the launch of the Upstate Carolina Angel Network. Since then, the early-stage investment group has deployed nearly $75 million across those 100 companies. Darby is working to simplify at-home care delivery for providers and vendors with a modern and efficient order flow platform, drastically reducing time, friction and errors in the process. The company is led by founder Charlotte Lawson, who was previously an Attending Physician and Champion for Innovation at Prisma Health, then went on to Harvard Business School where she recognized the need for Darby’s solution as she continued practicing medicine while pursuing her MBA. “It has been a pleasure working with VentureSouth on our recent capital raise and we are honored to be the 100th company in their portfolio,” said Lawson. “We look forward to working with the group and their investors who will provide both capital and insight as we tackle a big problem in the healthcare space.” VentureSouth Co-Founder and Managing Director Matt Dunbar added, “We are thrilled to announce our investment in Darby, and we’re equally proud that we have now been able to support 100 companies over the years.  It is a privilege to partner with entrepreneurs like Charlotte who are working tirelessly against long odds to solve challenging and meaningful problems in the world.” We are delighted to reach this “first century” milestone, and we’re already hard at work seeking out the next one hundred startups to add to our portfolio. To learn more about VentureSouth - and perhaps invest in some of our next 100 companies -  please visit our pages.

While we were grinding through the winter months, our VentureSouth investors and staff enjoyed a delightful early taste of spring last month at our annual VentureSouth Summit. For the first time since we started the event in 2016, we ventured out from Greenville and hosted the event at the Francis Marion hotel in beautiful Charleston SC.The Summit was a hit! We enjoyed the company of 150 angel investors, 25 portfolio company CEOs, 20 sponsors and supporters, and 12 of the VentureSouth team (and two babies!) for the 2023 Summit. We were delighted that so many of our investors converged from across our network – from groups as far away as Chattanooga and Richmond. Several individuals traveled over 500 miles, from as far afield as Connecticut, Ohio, and western Florida – so we particularly appreciate their dedication! Many others braved the perils of I-26 to get to Charleston from Asheville, Greenville, and Columbia, and I-77 or I-95 from Charlotte, Greensboro and the Triangle. And over 25 Charlestonians provided local knowledge and southern hospitality to welcome these interlopers to town!We gathered to “do angel investing.” We heard companies solicit investment; we debated diligence reports and the merits and concerns of open rounds of investment; we celebrated the “state of VentureSouth” as the group surpassed $12M of investment in 34 companies in 2022; we quizzed and assisted our portfolio companies, celebrating their progress and trying to mitigate their challenges; and we came to network and socialize across the largest group of angel investors in the region.Organizing something like this is a ton of work (so thanks from me to the whole VentureSouth team on a job very well done). Why do we do it? Primarily because being part of a “virtual community” of nearly 500 angel investors is one thing on paper – but quite another to see in person. We hear from our members every time we run a Summit that you only really appreciate the power of a collective angel group from being together in person.Looking forward to February 2024 for the next one!