A new partnership is hoping to drive more deal flows for early-stage startups in North Texas.
Local entrepreneurial support nonprofit The DEC Network is effectively taking over the operations of fellow nonprofits, the North Texas Angel Network (NTAN), using its resources and ties to the ecosystem to vet founders seeking funds and connecting them with NTAN members.
“The DEC Network has always had the role of connecting businesses to resources to help make them successful, including mentorship, education, community, and advocacy,” Will Akins, NTAN director of operations, said via email. “We believe this partnership will leverage the network of both organizations to increase the number and size of deals that are being brought to the NTAN investors.”
As part of the move, the NTAN board will be co-chaired by Chris Wilkes, who previously served as sole chairman, and Trey Bowles, The DEC’s Founder and Chairman Emeritus Trey Bowles co-chairs Dallas Mayor Eric Johnson’s Task Force on Innovation and Entrepreneurship.
Akins said the timing comes as the DFW venture capital scene has been growing. In 2020, the region topped more than $1.1 billion in venture-related funding, the highest amount since 2001. While the NTAN doesn’t have a single industry it focuses on, Akins said the organization has seen growing interests in biotech, e-commerce, green tech and fintech. Overall, he said NTAN has seen an internal rate of return of 27 percent on its deals.
The NTAN says it has invested more than $10 million in startups since its launch in 2008. According to Crunchbase, the organization has been a lead investor on a $1.5 million round for Richardson construction foundation systems company Tella Firma and a $550,000 round for local medical device Vital Art and Science. Earlier this month, the NTAN was named one of the 10 most active angel investment groups in the state by Austin venture network F50.
The timing of the move also comes shortly after NTAN expanded its reach. Earlier this year, the organization merged with the Tyler Texas Angel Network.
“We know there are more accredited investors out there that are looking to connect with startup investments, and this partnership makes those connections easier,” Akins said.
The DEC Network was established in 2013. It operates innovation hubs around the region, including downtown Addison and Oak Cliff, that provide co-working space, programming and mentorship opportunities for local entrepreneurs.
“Leveraging The DEC’s operational excellence allows our members to increase focus on evaluating and investing in strong founders and ideas versus running day-to-day operational roles,” Wilkes said in a statement.
