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The North Carolina Venture Capital Fund, established in 2019, focuses on early-stage technology companies primarily located in North Carolina and the Southeastern United States. Founded by Jamie DeMent Holcomb and Richard Holcomb, the fund emerged from a Morehead-Cain alumni network aimed at addressing the regional gap in early-stage capital. The fund's headquarters is situated in Hillsborough, North Carolina, and it has a strong affiliation with the University of North Carolina, pledging a portion of its capital appreciation to various educational and leadership programs in the state.
As of now, the fund has made four investments, with its most recent being in Galaxy Diagnostics in July 2024. The fund emphasizes collaboration among its portfolio companies and aims to create a robust network that supports innovation and growth. The North Carolina Venture Capital Fund is committed to investing in startups that align with its values and contribute to the local community.
The North Carolina Venture Capital Fund specializes in early-stage investments across various technology sectors, including AI, healthcare, biotech, fintech, SaaS, consumer products, edtech, climate, energy, and logistics. The fund targets companies at different stages, from Friends & Family and Angel rounds to Series C and Growth Equity. Its primary geographic focus is on North Carolina and the Southeastern United States, particularly startups with ties to university communities like Research Triangle Park.
The fund seeks high-growth potential startups that align with its mission of fostering innovation. It emphasizes building a strong network among its portfolio companies, providing not only financial backing but also collaborative support for their growth. The fund's investment strategy includes pledging a portion of its capital appreciation to educational and leadership programs in North Carolina, reinforcing its commitment to the local community.
The North Carolina Venture Capital Fund has invested in four notable companies, with a focus on high-growth technology sectors. One of the standout portfolio companies is Galaxy Diagnostics, which specializes in advanced diagnostic testing for vector-borne diseases such as bartonellosis and Lyme borreliosis. Based in Research Triangle Park, NC, Galaxy Diagnostics exemplifies the fund's commitment to supporting startups with strong university connections.
While the other three investments are not publicly named, PitchBook data indicates that they are also aligned with the fund's focus on technology and innovation. The fund's portfolio reflects its strategy of investing in companies that not only have high growth potential but also contribute to the local ecosystem, particularly those emerging from university research.
Jamie DeMent Holcomb - Manager / Co-Founder. Jamie is a Morehead-Cain scholar and has a diverse background as a museum CEO, writer, chef, and farmer. She has played a pivotal role in building the fund from a Morehead-Cain alumni investing network.
Richard Holcomb - Manager / Co-Founder. Richard is a serial entrepreneur based in Research Triangle Park, having founded his first company in 1986. He has co-founded, invested in, or advised over 25 public and private companies.
Jeff Clark - Special Partner & Senior Advisor. Jeff is the Managing General Partner of The Aurora Funds, which he co-founded in 1994. He is a seasoned venture investor with extensive experience in the RTP area.
Ursula Mead - Advisor. Specific role details are not confirmed, but she is part of the advisory team supporting the fund.
Dr. Branson Page - Advisor. Dr. Page's role details are not confirmed, but he contributes to the fund's advisory network.
Ted Zoller - Advisor. Ted's role details are not confirmed, but he is part of the advisory team.
William Aiken - Advisor. William's role details are not confirmed, but he is included in the advisory network.
Neil Bagchi - Advisor. Neil's role details are not confirmed, but he is part of the advisory team.
To pitch to the North Carolina Venture Capital Fund, founders should use the contact form available on their website at ncvcf.com/contact-us. The fund does not specify a preferred channel for pitches beyond this form. Founders should include a concise overview of their startup, highlighting its growth potential and alignment with the fund's focus areas.
While the fund does not disclose specific response time expectations, it operates on a rolling application cycle. Founders are encouraged to provide as much relevant information as possible to facilitate the evaluation process.
In July 2024, the North Carolina Venture Capital Fund participated in an undisclosed funding round for Galaxy Diagnostics, a company specializing in advanced diagnostic testing for vector-borne diseases. This investment aligns with the fund's focus on high-growth technology companies in North Carolina.
The fund has made a total of four investments since its inception in 2019, demonstrating its commitment to supporting early-stage technology startups in the Southeastern United States. Despite the lack of public blog activity, the fund remains active in the investment space.
What are the investment criteria for the North Carolina Venture Capital Fund?
The fund focuses on early-stage technology companies primarily located in North Carolina and the Southeastern United States. It seeks startups with high growth potential and strong ties to university communities.
How can I pitch my startup to the fund?
Founders can pitch their startups through the contact form available on the fund's website at ncvcf.com/contact-us. The fund does not disclose specific pitch email addresses or application forms.
What makes the North Carolina Venture Capital Fund different from other investors?
The fund emphasizes collaboration among its portfolio companies and has strong ties to the university ecosystem in North Carolina. It also pledges a portion of its capital appreciation to educational and leadership programs in the state.
What is the fund size and check size?
Specific details regarding the fund size and check sizes are not disclosed. However, the fund focuses on early-stage investments, which typically involve smaller check sizes compared to later-stage investments.
What is the geographic scope of the fund?
The North Carolina Venture Capital Fund primarily invests in companies located in North Carolina and the Southeastern United States, with a particular emphasis on startups with university connections.
What kind of post-investment involvement can founders expect?
The fund provides not only financial support but also fosters collaboration and networking opportunities among its portfolio companies, enhancing their growth potential.
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