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IncWell is a Birmingham, Michigan-based early-stage venture capital firm founded in May 2013 by Tom LaSorda, the former CEO of Chrysler LLC and Fisker Automotive. The firm specializes in investing in early-stage companies across various sectors, including consumer markets, industrial, clean energy technology, medical technology, healthcare, transportation technology, and software applications. IncWell has established itself as a key player in the Michigan startup ecosystem, leveraging LaSorda's extensive automotive and industrial network to provide unique value to founders.
As of now, IncWell manages approximately $10 million across its funds and has made over 43 investments since its inception. The firm has a notable focus on supporting companies that are innovating within their respective fields, particularly in mobility and industrial tech. IncWell's approach combines financial backing with strategic business support, enhancing the growth potential of its portfolio companies.
IncWell primarily invests in early-stage companies, targeting sectors such as consumer markets, industrial, clean energy technology, medical technology, healthcare, transportation technology, and software/apps. The firm typically writes checks ranging from $50,000 to $250,000, making it an attractive option for startups in their initial funding stages. IncWell's geographic focus is primarily on the United States, with a particular emphasis on the Midwest and Michigan.
The firm seeks to provide not only capital but also strategic support to its portfolio companies. This includes leveraging its deep automotive and industrial network to facilitate connections and resources that can accelerate growth. IncWell's investment strategy is designed to identify and nurture innovative startups that align with its focus areas, ensuring that founders receive both the financial and operational support necessary for success.
IncWell has built a diverse portfolio of 43 companies, showcasing its commitment to early-stage investments across various sectors. Notable portfolio companies include:
These companies reflect IncWell's strategic focus on sectors that are ripe for innovation and growth, particularly in the context of consumer and industrial markets.
Tom LaSorda — Founder and General Partner; LaSorda has a distinguished background as the former CEO of Chrysler LLC and Fisker Automotive. His extensive experience in the automotive and industrial sectors provides IncWell with a unique perspective on investment opportunities.
Roger Penske — Early LP and strategic backer; Penske is a prominent figure in the automotive industry and brings significant expertise and connections to IncWell, enhancing the firm's investment capabilities.
To pitch IncWell, founders should prepare a detailed pitch deck that includes information about their business model, market analysis, and growth strategy. While no specific application portal is mentioned, reaching out through professional networks or seeking warm introductions is recommended. Response times may vary, so founders should be prepared for a potentially lengthy evaluation process.
As of October 2023, IncWell has not announced any recent fund raises or new investments. The firm has made over 43 investments since its inception in 2013, with notable portfolio companies such as Calendly, which achieved unicorn status in 2021. IncWell's last known fund, Fund II, was closed in 2014, and there are indications that the firm may be in a harvest mode, focusing on existing portfolio companies rather than actively deploying new capital.
What are IncWell's investment criteria?
IncWell focuses on early-stage investments in consumer and industrial markets, particularly in sectors such as clean energy, medical technology, healthcare, transportation technology, and software applications. The firm typically invests between $50,000 and $250,000 in startups that demonstrate strong growth potential and innovative solutions.
How can I pitch to IncWell?
Founders interested in pitching to IncWell should prepare a comprehensive pitch deck that outlines their business model, market opportunity, and growth strategy. While specific application forms or portals are not mentioned, reaching out through professional networks or direct introductions is advisable.
What makes IncWell different from other venture capital firms?
IncWell distinguishes itself through its deep automotive and industrial network, which provides unique strategic support to portfolio companies. The firm not only offers capital but also access to valuable resources and connections that can help startups navigate their growth challenges.
What is IncWell's geographic focus?
IncWell primarily invests in the United States, with a strong emphasis on the Midwest and Michigan. This regional focus allows the firm to leverage local networks and resources effectively.
What kind of post-investment involvement does IncWell have?
IncWell is known for providing ongoing support to its portfolio companies through its separate entity, IncWell LLC, which offers legal, financial, and consulting services. This support is designed to help startups scale and succeed in their respective markets.
What is the size of IncWell's funds?
IncWell manages approximately $10 million across its funds, with a history of making over 43 investments since its founding in 2013. The firm has launched multiple funds, with the first fund initiated in May 2013.
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