The Triangle Tweener Fund (Tweener Fund) has announced its impressive Q2 2024 investment results, showcasing robust support for high-tech startups in North Carolina’s Research Triangle region.
Introduction
The Triangle Tweener Fund, managed by seasoned entrepreneurs Scot Wingo and Robbie Allen, continues to fuel innovation in the Triangle startup ecosystem. In the latest quarter, the fund made significant strides with $804,000 invested across 15 carefully selected startups, underscoring its commitment to early-stage ventures and fostering technological advancement.
Investment Breakdown
In Q2 2024, the Tweener Fund expanded its portfolio with investments in 15 companies, including 12 new additions and 3 follow-on investments. This strategic allocation of capital spanned diverse sectors such as consumer tech, FinTech, B2B SaaS, AgTech, and CleanTech, reflecting a broad investment mandate aimed at supporting scalable and innovative businesses.
Key Statistics from Q2 2024
- New Portfolio Companies: 12 new additions, with 3 follow-on investments.
- Investment Total: $804,000 distributed across 15 investments.
- Allocation Strategy: $654,000 (81%) invested in Tweeners, $150,000 (19%) in Pre-Tweeners.
- Average Investment: Approximately $53,666 per company.
- Average Round Size: $4.5 million, indicating robust funding rounds.
- Average Pre-Money Valuation: $21.6 million, highlighting investor confidence and company potential.
Noteworthy Portfolio Additions
- LoanWell: Revolutionizing FinTech with automated lending solutions to empower community lenders.
- Plantd: Leading the charge in carbon-negative materials by converting atmospheric CO2 into sustainable products.
- Murphy’s Naturals: Enhancing outdoor experiences with tested insect-repellant products.
- Cycle Labs: Providing enterprise-grade automated testing solutions.
- AgEye: Driving data-driven agriculture with advanced technology accessible to growers.
Impact on Triangle Startup Ecosystem
Scot Wingo emphasized the positive momentum in the Triangle startup scene, noting significant capital raises among Tweeners and favorable market conditions for growth. This trend underscores increasing investor optimism and a vibrant entrepreneurial environment in the region.
Strategic Focus and Criteria
The Tweener Fund focuses on “goldilocks” companies headquartered in the Triangle, characterized by their potential for scalability and innovation. These companies typically range from over 10 employees or $1 million in annual revenues to under 800 employees or $80 million in annual revenues, aligning with venture fundable business models.
Future Outlook and Community Impact
Looking ahead, the Tweener Fund remains committed to expanding its index of Triangle Tweeners, nurturing early-stage startups, and driving economic growth through strategic investments. The ongoing support from accredited investors underscores a shared vision to accelerate the Triangle’s startup ecosystem and generate substantial returns.
Conclusion
The Triangle Tweener Fund’s Q2 2024 investments mark a pivotal moment in supporting innovation and entrepreneurial spirit across the Research Triangle. With a strategic focus on high-tech, scalable ventures, the fund continues to play a crucial role in shaping the future of technology in North Carolina.
Photo by Scot Wingo, general partner
