The South Carolina Angel Network (SCAN), an alliance of angel investor groups and funds from across South Carolina and one of the largest angel investment organizations in the United States, has launched VentureSouth — a new identity for its expanding activities in the Southeast.
With the new brand, VentureSouth aims to advance development including better integration across its various angel groups and an expanded vision to be a leading provider of early-stage capital and expertise in the Southeast region. Its successes already include: 8 angel groups, 2 funds, over 200 investors, 49 companies, attractive financial returns, and over 450 jobs created.
VentureSouth currently manages angel investment groups and funds across South Carolina and western North Carolina, including Greenville, Columbia, Asheville, Spartanburg, Anderson, Aiken, Rock Hill, Myrtle Beach, and Charleston, with additional groups in development within the region.
VentureSouth’s angel groups include:
- Upstate Carolina Angel Network
- Capital Angels
- Asheville Angels
- Spartanburg Angels
- Lowcountry Angels
- Electric City Angels
- Central Savannah River Angels
- Carolina Tech Angels
The groups have collectively invested over $17 million in 50 early stage companies since the creation of the Upstate Carolina Angel Network (UCAN) in Greenville in 2008.
Angel groups make investments in early stage companies, typically in the form of preferred equity (rather than common equity or debt). VentureSouth aims to invest between $250,000 and $750,000 in companies seeking capital to launch or scale a market-ready product or service.
VentureSouth invests in companies that:
- are based in the Southeastern United States
- are led by a management team that is talented, trustworthy, persistent, and knowledgeable
- are seeking ~$200,000 to $1,000,000 for a 15%-40% preferred equity stake in the company
- have initial revenue or are at the market entry stage with demonstrated customer demand
- are deploying a business model that can scale with speed and capital efficiency
- can potentially generate a 50% annual rate of return on investment for investors in 3-5 years
The driving force behind VentureSouth’s expansion is to develop a more robust market for early stage capital in its home region where such capital has historically been notoriously scarce. The group invites accredited investors to participate in its rigorous vetting and diligence processes that seek to identify the most promising ventures in the region.
In addition to providing those ventures with much needed capital, VentureSouth investors provide additional value by leveraging their expertise to help companies grow, overcome challenges, and ultimately achieve the successful outcomes necessary to reward investors and entrepreneurs for the calculated risks they are taking.
Co-Founder and Managing Director Matt Dunbar noted:
“The creation of VentureSouth builds on our track record of bringing smart investors together with talented entrepreneurs to make successful early stage investments in the Southeast. By building the infrastructure to draw in more capital and more bright minds to participate in this market, we aim to accelerate our impact in the region by generating investor returns, entrepreneurial experience, and ultimately jobs and wealth in our communities.”
Along with rebranding, VentureSouth announces the addition of Mac Lackey as a Managing Director, joining Dunbar, Charlie Banks and Paul Clark who co-founded SCAN in 2014. Mac is a startup veteran who has been in the entrepreneurial trenches for over 20 years, having built and sold five companies based in the Southeast.