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VentureSouth Makes Three New Investments

Charlie Banks
Charlie Banks
Last updated: January 17, 2024
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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.”