Locally based Task Force X Capital has added a venture partner and four advisers to the team — a next step in the firm's long-term growth plan.
Brent Blake is TFX Capital's second venture partner, a role that requires more committed time to help assess new deals and complex reinvestments and work with founders. He joins Matt Abrams. Blake is the founder of Valariti, an investment consulting firm in the Triangle. He also spent more than seven years as a valuation director at Venture Back Office, according to a social-media page. VBO was acquired by TMF Group last April.
"It's great for our investors because we're getting increased expertise under the tent, and I think it's great for our network. (Blake) can also help founders as they think about raising more capital," said Brandon Shelton, managing partner at TFX.
TFX's new advisory board members are Rob Ackerman, general partner at Founder’s Equity Partners; Matt Bigge, general partner at Crosslink Capital; Brian Pope, vice president of corporate development at Passport; and Heather Richman, founder of the Defense Investor Network.
To date, TFX has invested in 14 companies, many of which are in the Southeast. It got started in 2015 and has drawn from two funds. TFX invests in early-stage companies founded by former military and national security leaders.
Shelton said TFX has strong deal flow ahead. It is also raising more capital. He said the firm has to make hard choices on which quality business deals to support. The goal is to invest in another 17 to 20 companies over the next three to five years. Blake can also help TFX stay disciplined on deal prices, Shelton noted.
TFX is transitioning into a generalist investor, going beyond its previous focus on B2B, software-as-a-service companies.
It is now focusing on five industries — cyber, health care, financial technology, security/risk and defense.
"Those were the top five categories of our historical deal flow, so of the almost 1,000 deals we've looked at over the last five-plus years, these were the top five categories, but they also are industries that are rapidly growing," Shelton said.
Shelton said each of the industries match up well with veterans' skill sets. They also present a way for TFX to be more deeply engrained throughout the industry. He said a strong military ecosystem helps drive the deal pipeline.
Most recently, TFX led a $1.5 million capital raise for CommSafe AI, with participation from Gaingels, Crosscut, Blu Ventures and angel investors. Prior to that, TFX contributed to a $7.6 million seed round for Marani Health. TFX was one of several investors contributing to Sayari Labs' $40 million Series C round and lent support to Rhumbix, which closed on $11 million in growth capital last September.
