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NEST-TN, which stands for Networking Entrepreneurs, Seed capital, and Technology in Tennessee, is a seed and early-stage venture capital firm established in 2009. Based in Tullahoma, Tennessee, the firm operates from its headquarters at 414 Wilson Ave. NEST-TN plays a significant role in the TNInvestco program, a state-sponsored initiative aimed at bolstering the local economy through venture capital investments. This program allocated $200 million across ten designated firms, with NEST-TN receiving a $20 million state tax credit allocation in 2010.
The firm is dedicated to supporting young companies in Tennessee, particularly those that contribute to the state's economic growth. NEST-TN has a six-member team, which is substantial for a regional seed fund, and has been recognized for its commitment to fostering innovation and entrepreneurship within the region. Over the years, NEST-TN has established itself as a key player in the Tennessee venture capital landscape.
NEST-TN primarily invests in three core sectors: advanced manufacturing and materials, energy and environmental clean technologies, and information and digital media technologies. The firm targets seed and early-stage companies that are positioned to make a significant impact in these areas. NEST-TN's investment strategy emphasizes fostering economic growth and job creation within Tennessee, aligning with the state's broader economic development goals.
The firm looks for founders who demonstrate a strong vision and capability to execute their business plans. NEST-TN prefers to engage with companies that have innovative solutions in their respective sectors. The firm’s investment checks typically range from $500,000 to $1 million, although specific amounts may vary based on the opportunity and company needs. NEST-TN's involvement extends beyond capital; it provides strategic support and leverages its connections within the Tennessee entrepreneurial ecosystem to facilitate growth.
Currently, NEST-TN does not publicly list notable portfolio companies beyond a few known investments. Among these, Consensus Point is a predictive-markets firm led by CEO Linda Rebrovick, which received at least $500,000 from NEST-TN. Another investment includes Passport Parking, which is recognized as a notable investment by the firm. While the broader TNInvestco program, of which NEST-TN was a part, included 32 companies with nearly $117 million in investments, specific details about NEST-TN's individual portfolio remain limited.
Despite the lack of publicly available portfolio details, NEST-TN's focus on advanced manufacturing, clean technologies, and digital media suggests that it is actively seeking opportunities in these sectors. The firm’s commitment to supporting Tennessee-based startups indicates a strong regional focus, aiming to enhance the local economy through targeted investments.
Fran F. Marcum - Founder, Managing Partner. Fran is also the Managing Partner of Marcum Capital and has served on the Tennessee Board of Regents. She has a long history of board involvement, including with the Nashville Branch of the Federal Reserve Bank of Atlanta.
Dan Marcum - Co-founder of Marcum Capital and former chairman of the Tennessee Technology Development Corporation (TTDC). He represents TTDC on the board of Cumberland Emerging Technologies.
Cameron A. Newton - Partner with experience in venture capital and entrepreneurship.
E. Brac Thoma - Partner with a focus on supporting early-stage companies.
Richard A. Bendis - Partner with expertise in technology and innovation.
Matthew A. Wiltshire - Partner with a background in business development.
Joseph P. Binkley III - Partner with experience in investment and entrepreneurship.
As of 2022, NEST-TN was part of the TNInvestco program, which wound down around that time. This program was designed to support venture capital investments in Tennessee, but faced criticism regarding transparency and returns. NEST-TN's involvement in this program highlights its role in the state's venture capital landscape.
There have been no recent announcements or deal activities reported for NEST-TN post-2022, indicating a potential pause in its investment activities. The firm’s future direction remains uncertain following the conclusion of the TNInvestco program.
What are NEST-TN's investment criteria?
NEST-TN primarily invests in seed and early-stage companies within advanced manufacturing, clean technologies, and digital media sectors. The firm looks for innovative solutions and strong execution capabilities from founders.
How can I apply or pitch to NEST-TN?
While specific application details are not publicly available, founders are encouraged to reach out through networking channels within the Tennessee entrepreneurial ecosystem. A warm introduction is likely beneficial.
What makes NEST-TN different from other venture capital firms?
NEST-TN's unique focus on Tennessee-based startups and its integration within the TNInvestco program distinguishes it from other firms. The firm emphasizes regional economic growth and job creation.
What is NEST-TN's geographic scope?
The firm exclusively invests in companies located in Tennessee, reflecting its commitment to supporting local entrepreneurs and fostering economic development within the state.
What is the typical check size for investments?
NEST-TN typically invests between $500,000 and $1 million in seed and early-stage companies, although this can vary based on the specific opportunity.
What kind of post-investment involvement does NEST-TN have?
NEST-TN provides strategic support to its portfolio companies, leveraging its connections within the Tennessee entrepreneurial ecosystem to facilitate growth and development.
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