CAV Angels, an investment syndicate composed of University of Virginia alumni, students and friends, said Tuesday it has selected a new board chair and made other changes to its governance and leadership.
Scott Ukrop, managing director of Richmond early stage venture firm NRV, is joining CAV Angels as its new board chair. The group has also elected Les Alexander, a partner at Louisiana’s Jefferson Capital Partners and a faculty member at UVa.’s Darden School of business, and Doug Garland, a former Google and Yahoo exec who is also a UVa. faculty member, to its board.
The group also said that CAV Angels co-chair Rich Diemer will assume the title of board president and managing director. Paul Nolde, the former board president, is staying on as a board member. Nolde left his role as managing director of Richmond accelerator Lighthouse Labs last year to take a similar role with the 757 Collab and 757 Angels in Norfolk.
"We are thrilled to welcome Scott, Les and Doug to our board," Diemer said in a statement. "Their diverse backgrounds and extensive experience will be invaluable as we continue to support and invest in promising startups with UVa. connections."
Last year, CAV Angels crossed the $20 million mark in startup investments since its founding in 2015. All the companies the group invests in have a connection to the University of Virginia. It made investments in three companies late in 2023 totaling more than $1 million.
Unlike other investment organizations, CAV Angels does not take a large management fee. The organization has no paid staff and only takes a small percentage for administrative and legal fees. Diemer told me the group expects to pass the $25 million mark in funded deals in the coming months.
