A North Carolina venture capital program said today it has made a $32 million combined investment in 10 firms across the U.S., including one in Charlotte.
The 10 venture capital firms selected for phase one of the investment include RevTech Labs of Charlotte; IDEA Fund of Chapel Hill; LeVert Ventures of Durham; Resilient Ventures of Durham; Nex Cubed HBCU Founders Fund of San Francisco; Symphonic Capital of Oakland, California; Third Sphere of Miami; Wocstar Capital of New York City; Latimer Ventures of Baltimore; and 100KM Ventures of Washington, D.C.
RevTech Labs, a Charlotte-based accelerator, said it will use the funding to invest in more than 200 early-stage businesses, providing them with 350 mentors and experts to bolster their success.
The NCInvest program is an initiative implemented by the NC Rural Center — a Raleigh-based nonprofit working to improve rural areas across the state through efforts that boost business opportunities, build leaders and strengthen entrepreneurs. NCInvest is backed by the State Small Business Credit Initiative (SSBCI), a venture capital and debt lending program managed by the U.S. Department of the Treasury.
The current iteration of SSBCI, which was founded about a decade ago, was authorized by the American Rescue Plan Act of 2021, which set aside $10 billion for states, territories and tribal governments to set up their own programs to help small businesses access capital.
The money helps fund loan programs and credit-enhancement initiatives as well as venture-funded programs to target early-stage businesses. SSBCI's goal is to leverage the $10 billion in government money into $100 billion in total investments.
The SSBCI funding will flow through state-level programs for years, offering small businesses a chance at a different capital opportunity.
NCInvest's $32 million will be poured into N.C.-based entrepreneurs, with at least 54% of funds designated for early-stage businesses and founders that identify as Socially and Economically Disadvantaged Individuals. The 10 venture funds selected have pledged to invest more than $90 million to support and grow underserved N.C. startups.
"An entrepreneur can only grow their dream if they can find the capital they need to fuel it," Patrick Woodie, president and CEO of the NC Rural Center, said in a statement. "Today’s announcement of $32 million invested in 10 venture capital funds has the potential to produce a transformational impact on the ability of socially and economically disadvantaged entrepreneurs to secure capital in an expanding North Carolina venture capital ecosystem."
Vice President Kamala Harris, Deputy Secretary of the Treasury Wally Adeyemo and N.C. Gov. Roy Cooper announced the $32 million investment today during their visit to Durham.
"The President and I are expanding access to opportunity by investing in the backbone of our economy: American small businesses,” Harris said in a statement.
