Leaders from Greenville-based VentureSouth, an early stage investment firm that works with angel groups and funds in the Carolinas, recently announced that they have established VentureSouth Angel Fund II.
The purpose of the fund is to invest with 10 active angel groups. The network now includes over 200 investors who support early stage Southeastern companies with expertise and capital.
“Now that VentureSouth covers 10 cities across North and South Carolina, we look forward to expanding the Palmetto Angel Fund’s trailblazing path with this successor fund,” Charlie Banks, a general partner of the fund, said.
The new fund was first launched last week. There are new investment methods and strategies within the fund, continuing the legacy of the earlier Palmetto Angel Fund.
“When it launched, the Palmetto Angel Fund was the first committed capital sidecar fund in South Carolina,” Paul Clark, general partner of the fund, said. “It was a step change in VentureSouth’s funding of early stage companies, increasing entrepreneurs’ access to capital and allowing investors that lacked the time to be active angel investors to participate in a hard-to-access asset class.”
In 2014, the Palmetto Angel Fund was dedicated to capital investments along with active angels. As of today, it has invested approximately $2 million in a total of 18 portfolio companies in the Carolinas.
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