Summary:
The Triangle Tweener Fund invested over $804,000 in 15 investments in Q2 2024.
The fund added 8 new companies to its portfolio, spanning categories such as consumer, FinTech, B2B SaaS, AgTech and CleanTech.
The fund invested $654k (81%) in Tweeners and $150k (19%) in Pre-Tweeners.
The Tweener Fund focuses on ‘goldilocks’ companies that are headquartered in the Triangle, have over 10 people or $1m in annual revenues, are under 800 people or $80m in annual revenues, and are technology/venture fundable businesses.
The fund is managed by two Triangle area serial entrepreneurs, Scot Wingo and Robbie Allen.
Triangle Tweener Fund Invests $804K in 15 Startups in Q2 2024
The Triangle Tweener Fund, a rolling fund focused on early-stage startups in the Research Triangle region of North Carolina, announced its Q2 2024 investments. The fund deployed over $804,000 across 15 investments, including 12 new companies.
Key Highlights:
- 12 New Portfolio Companies: The Tweener Fund added 8 new companies to its portfolio, spanning categories such as consumer, FinTech, B2B SaaS, AgTech and CleanTech.
- $654k (81%) invested in Tweeners, $150k (19%) invested in Pre-Tweeners
- Average Investment: $53,666
- Average Round Size: $4.5m
- Average Pre-Money Valuation: $21.6m
Tweener Fund Focus:
The Tweener Fund focuses on ‘goldilocks’ companies that meet specific criteria:
- Headquartered in the Triangle region of NC
- Over 10 people or $1m in annual revenues
- Under 800 people or $80m in annual revenues
- Technology/venture fundable businesses
The Tweener Fund is managed by two Triangle area serial entrepreneurs:
- Scot Wingo
- Robbie Allen
The fund is always open for new accredited investors and has invested over $6m across 114 investments in its first two years.
New Portfolio Companies:
- LoanWell: A FinTech company providing automated lending and grant technology to community lenders.
- Plantd: Leading the shift to carbon-negative materials, using carbon dioxide for durable products.
- Murphy’s Naturals: Eliminates outdoor obstacles with high-quality insect-repellant products.
- Cycle Labs: Provides end-to-end automated testing solutions for enterprises.
- AgEye: Aims to make advanced technology accessible to every grower in agriculture.
- Remoov: Offers efficient and sustainable decluttering solutions.
- Grogo: A patent-pending app controlling screen time with self-esteem building educational interruptions.
- nDustrial: Accelerates energy intensity optimization in industrial facilities, decreasing costs and increasing sustainable operations.
- Flytes: Brings culinary innovation to airports, offering a simplified dining experience.
- Ardent: Builds a platform for creating, sharing, and remixing AI-powered apps.
- Harmony: Helps healthcare providers hire credentialed workers with an AI-powered system.
- Gemini Sports Analytics: Provides advanced data analytics for sports teams, used for roster development, recruiting, and on-field tactics.
Follow-on investments:
- Allstacks
- MuukTest
- Reveal Mobile
About the Triangle Tweener Fund:
- Founded in January 2022
- A rolling fund with a narrow focus on early-stage, high-tech ‘Tweener’ companies in the Triangle
- Building an index of Triangle Tweeners
- Favors writing more ‘small’ checks
- Accredited investors (LPs) are top entrepreneurs, service providers, and participants in the startup ecosystem.
For more information, visit: www.tweenerfund.com
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