Jul 18, 2016 - Things to Do

An angel investor network is moving aggressively into Charlotte

packard-place-charlotte-skyline

packard-place-charlotte-skyline

A consortium of angel investor groups in South Carolina is expanding and rebranding — and is now going to invest in Charlotte-area companies.

The South Carolina Angel Network — already one of the largest angel investor networks in the country — announced late last week that it has launched a new organization, VentureSouth, as it grows to more places in the Southeast.

Right now, they manage angel groups in  Greenville, Columbia, Spartanburg, Anderson, Aiken, Rock Hill,
Myrtle Beach, and Charleston in South Carolina, as well as one in Asheville.

Next on the list: Charlotte.

Photo by South Carolina Angel Network via Facebook

Photo by South Carolina Angel Network via Facebook

Charlotte could end up being one of VentureSouth’s best markets.

The plan is to spend the next few months meeting with the core group of investors they’ve identified in Charlotte — then to recruit some more, VentureSouth managing director Charlie Banks said.

“We believe Charlotte has the potential to be our largest group within the VentureSouth affiliates and are very excited to be in that market,” Banks said.

They’ve brought on one of Charlotte’s top startup minds.

Mac Lackey has joined VentureSouth as a managing director. His most recent position has been as CEO of soccer site KYCK but he’s built and sold 5 companies in his career and raised more than $75 million in funding.

mac-lackey-linkedin

Lackey said raising money is still a little difficult in Charlotte but that this organization should be “catalytic.”

[Agenda story: Mac Lackey writes beautiful, honest email on KYCK’s pivot]

venturesouth-portfolio-exits

You’ve heard of some of the companies they’ve invested in.

In total, the 200 investors in VentureSouth-affiliated groups have put $17 million in 50+ companies.

Here’s how VentureSouth operates

The angels look to invest between $250,000 and $750,000 in companies in exchange for an equity position (between 15 and 40 percent, typically). Companies must be based in the Southeast and be able to deliver within a three to five-year period.

Entrepreneurs will pitch to a screening meeting, and if selected, will go to a full meeting. Read more about it here.

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