Asheville, N.C., June 14, 2016 – Asheville Angels was formed to address a critical funding gap and help local investors fund startups and high-growth companies in Asheville and across the Southeast. After just over 18 months, the group reached a major milestone by completing its 10th investment with its latest investment into Asheville-based Brightfield Transportation Solutions.
In 2016, Asheville investors have invested in North Carolina companies Target PharmaSolutions and Sensory Analytics, Asheville-based Brightfield Transportation Solutions, and Atlanta-based Emrgy Hydro. This brings the portfolio to 10 companies, including other North Carolina companies Baebies and Rival Health, and expanding local startup Plum Print, which has raised over $1 million to-date.
The group’s latest investment in Brightfield Transportation Solutions, announced today, came after a rigorous due diligence process and significant development to the business as it grew its sales, marketing, and team capability. Brightfield combines solar panels with electric vehicle charging stations to allow EV drivers to “drive on sunshine.” It also enables companies and institutions (like Appalachian State University and Western Carolina University, which have purchased Brightfield products), to fulfill their sustainability goals by providing infrastructure that supports low-carbon transportation.
Brightfield CEO Stan Cross commented, “We are delighted to receive institutional investment from Asheville Angels to help complete our first round of fundraising. Raising capital is not easy, but having a local resource is invaluable for our startup community – and having the support of a professional organization like Asheville Angles helps us grow our business and generate good returns for our investors. We look forward to doing just that.”
“Asheville Angels began in late 2014 to support the local startup community by investing in attractive early-stage companies,” says Josh Dorfman, its Director. “Our members have certainly done that. Of the 56 people that have been members of the group since launch, over 30 have invested significantly, collectively contributing over half a million dollars, and many others have provided valuable insights to the group. Our portfolio already includes some of the best Asheville startups and the most attractive investment opportunities we can find across North Carolina and the southeast. And we are just getting started.”
Asheville Angels is a key part of VentureSouth, an affiliation of angel investors from Western North Carolina and South Carolina that includes the South Carolina Angel Network. Participation in this wider network allows Asheville investors greater deal flow access, and Asheville companies receive greater access to more early-stage investors to fill their fundraising goals. Individuals join angel groups to access a challenging, but potentially lucrative, investment asset class (early stage companies) in a prudent way.
