Angel network reports record quarter

Listen to this article

The Upstate Carolina Angel Network and VentureSouth have invested a record $3.7 million this quarter in eight new and existing portfolio companies, according to a news release. Those investments include Proterra, the Greenville-based electric bus manufacturer, 6AM City, a Greenville-based media company and Atlas Organics, the Spartanburg-based collector and composter of food waste.

The Upstate Carolina Angel Network launched in 2008 to provide capital and expertise to early stage ventures in the Southeast, and since then the group has expanded under the VentureSouth brand to include a dozen angel groups across the Carolinas, the release said. Over the last ten years, more than 300 investors in the group have invested more than $28 million in 61 companies, with roughly half the companies and 60% of the dollars invested in South Carolina. 

“Over the last 10 years, we have been proud to be part of the growth of the startup ecosystem in Greenville and the region. Our members have helped support startups tackling tough challenges across a range of industries, and those companies have gone on to raise over $350 million of additional capital, employ over 1000 people, and create strong investment returns for our investors,” said Matt Dunbar, founding managing director of the Upstate Carolina Angel Network, in the release. “It has been rewarding to work with entrepreneurs and our investors to accomplish our objectives to make money, have fun and do good.”