Southeast Shoutouts | Venture capital news dominates this week
There are two new funds that have raised a combined total of $300 million. Start-ups in the Tar Heel state raised the second highest amount of venture capital ever in 2022, and a Charlotte-based fund is ranked as the top source of funding for fintech start-ups.
From Cary, NC:
WRAL TechWire reports that Cary-based Cofounders Capital has closed on a new fund – its biggest yet at $50 million – but that’s not all that is changing at the eight-year-old venture firm. It also is making changes from management to investment reach, specifically making larger investments available, which entrepreneurs might find very appealing, and expanding beyond the Tar Heel state which will still be its primary focus.
In its announcement of Fund III, David Gardner, Founding Partner, said, the decision to cast beyond North Carolina for deals makes good business sense. “We still plan to deploy this capital predominantly in NC, but we can’t ignore the tremendous deal flow and great opportunities that we’ve been able to generate from our trusted partners, specifically in the southeast.”
From Research Triangle Park, NC:
The Council for Entrepreneurial Development (CED) reports that North Carolina-headquartered companies raised $4.2 billion in 2022, a slight decrease from 2021 but still the second-highest year on record. In 2021, CED reported that NC-headquartered companies raised $4.6 billion, the highest since CED began tracking investments in 2000.
From Charlotte, NC:
Charlotte Inno reports that CFV Ventures, RevTech Labs Capital’s venture capital fund, was recently named the top source of funding for fintech start-ups by Startup Savant. The fund invests in Series A and seed companies in the fintech and insurance-technology space. Startup Savant awarded RevTech Labs’s CFV Ventures the top ranking due in part to the firm’s dedication to its accelerator program and its leadership training model.
From Atlanta, GA:
Atlanta Inno reports that TTV Capital, a locally-based venture capital firm, has closed its largest fund to date at $250 million. Originally, the firm planned for a $150 million fund, but significantly oversubscribed and capped it at $100 million higher. The 145 investors in the new fund include pension funds, endowments, foundations, family offices, and corporate investors. TTV Capital invests in early-stage fintech companies.
From Columbia, SC:
Scout Motors, an independent U.S. company backed by Volkswagen Group, has announced that it will build a $2 billion manufacturing facility in nearby Blythewood. As noted in this announcement from South Carolina Governor Henry McMaster, the investment has the potential to create 4,000 or more permanent jobs. Scout will build all-electric, next-generation trucks and rugged SUVs harkening back to the iconic Scout vehicles produced from 1960 to 1980. South Carolina reportedly offered $1.3 billion in its incentive package.
From Hattiesburg, MS:
The “Mississippi Entrepreneurship Forum,” an annual event that connects universities and colleges to community and business partners in the state, will be held April 12-13 in Hattiesburg. The forum will also include “The NextUp! Student Business Pitch Competition.”
Now in its eighth year, the Forum is part of the Catalyzing Entrepreneurship and Economic Development initiative, funded by a financial gift from the Robert M. Hearin Support Foundation. Panel discussions will include topics such as technology commercialization and innovation and Mississippi’s entrepreneurial ecosystem. The Forum offers opportunities for aspiring entrepreneurs to network with owners of thriving businesses and gain valuable, practical tips for establishing and building a successful business.
From New Orleans, LA:
If you happen to be in the Big Easy at the end of the month, it’s the annual “New Orleans Entrepreneur Week” (NOEW). The first two days (March 27 and 28) are dedicated to “NOEW in Your Neighborhood,” a platform for the vast and diverse partners of the entrepreneurial ecosystem to host independent events in a variety of locations across New Orleans. The next two days have programming in a central location including the inaugural “NOEW Fest” on the evening of March 30. On March 31, there’s the “IDEApitch” competition, followed by more of “NOEW Fest.” More details can be found here.