BTVC Fund, a Pittsburgh-based fund focused on investing in early-stage technology companies throughout the region and in the Midwest, announced it participated in its first investment in a startup company; remote talent marketplace platform Instant Teams, which is headquartered in Rehoboth, Delaware.
While it didn't serve as the lead investor of the deal, BTVC Fund — itself managed by Pittsburgh investment firm BlueTree Capital Group — joined several other venture capital firms by participating in Instant Teams' $13 million Series A funding round.
"The deal was led by Tiger Global and we are thrilled to be included and to support such a dynamic team of founders," Catherine Mott, BlueTree’s president and CEO, said in a LinkedIn post.
BTVC is vying to raise $30 million to $50 million and is focused on Series A funding rounds for startup companies operating primarily between Pittsburgh and Chicago.
It has raised $12.5 million to date, which includes a January 2022 announcement that the Department of Community and Economic Development (DCED) and the Ben Franklin Technology Development Authority (BFTDA) awarded it $1 million. It's aiming to make up to six different startup company investments per year, with these investments ranging in size from $500,000 to $2 million per company. The fund's sources come from BlueTree's angel network of high-net-worth investors, many of whom reside in western Pennsylvania.
Terms of its total investment amount in Instant Teams were not disclosed.
Liza Rodewald and Erica McMannes, both of whom are military spouses, founded Instant Teams in 2016. It currently employs 500 workers remotely and aims to pair its talent pool of military-connected remote workers to companies in need of employees.
