The Winston-Salem Partners Roundtable Fund, an angel group with more than 60 members, closed its initial investments in three Winston-Salem-based startups totaling $554,000.
The early-stage companies receiving the investments are DEAM Dynamics, Nvolve and Village Juice & Kitchen.
“The members of WSPR have made three strong investments in local Winston-Salem companies with tremendous scaling potential,” said Steve Lineberger, a WSPR Fund partner and former president of Winston Starts. “I think we are seeing the results of strong local, scalable startups being presented to a very supportive Winston-Salem community.”
The amount invested in each company is unknown. A representative for the WSPR Fund did not respond to a request for comment. The story will be updated if they respond.
TBJ previously reported that investments are expected to range from about $100,000 to $300,000 with the potential to be larger. As part of the pledge fund, the individual members of the WSPR Fund are free to pick and choose which companies they would like to invest in.
The WSPR Fund is an independent initiative of Greater Winston-Salem, Inc. Members are not required to invest but are recommended to invest an undisclosed minimum set by the fund managers over the first three years of the fund. The fund will invest as a group using a special purpose vehicle (SPV), meaning several members will contribute to the investment of a single company.
The three companies will use the funding to accelerate their growth. The goal of the WSPR Fund is to generate returns to the members and recruit and retain scalable companies to Winston-Salem through the support of the entrepreneurial ecosystem. While industry does not matter, companies must be based in or committed to relocating to Winston-Salem.
In addition to capital, the WSPR Fund provides strategic support and mentorship to assist the startups as they grow. Applications are accepted on a rolling basis.
A closer look at the winners:
BEAM Dynamics
Founded by David Kaszycki and Ryan DeMars, the business helps the entertainment industry reduce downtime on set through its cloud-based software. The BeamON platform provides asset management and equipment intelligence.
The company employs 12 people and has had several pilot customers including Hearst and Graham Media.
BEAM Dynamics originally began in Atlanta but relocated to Winston-Salem for the ease of access to the resources of the entrepreneurial ecosystem.
“We liked what we learned about the Winston-Salem startup ecosystem and how we could be a central player in the community right from the start,” Kaszycki said. “This investment provides critical launch capital as we head into a growth year in 2022.”
Nvolve
Recently named one of TBJ’s 2022 Startups to Watch, the company offers remote patient monitoring through its wearable devices and software. Nvolve is headed by CEO Tom Frosheiser and employs 30 people. It has a range of clients throughout the Southeast, including individual physician practices and Atrium Health Wake Forest Baptist.
“The capital will enable Nvolve to accelerate and broaden our sales growth in 2022 and the WSPR network will be a valuable partner as we continue to hire, innovate and scale our operations to help more patients and providers in more locations and in more physician specialties,” Frosheiser said.
TBJ reported that Nvolve had raised approximately $1.6 million in 2021.
Village Juice & Kitchen
Founded by Nathan Atkinson, Lonnie Atkinson and Clyde Harris, Village Juice and Kitchen. is known for its cold-pressed juices and salad, made using fresh fruits and vegetables. The company has four franchise locations – two in Winston-Salem, one in Charlotte and one in Harrisonburg, Virginia. It also has partnered with several universities, including Wake Forest, UNC-Chapel Hill, Elon, UNC-Wilmington and the University of South Carolina.
“We have identified a growth strategy to place our locations on college campuses across the country, as well as expand both our product line and continue to place locations in our region via franchising, so having the financial and operational support of WSPR has been key to successfully continuing that growth,” Nathan Atkinson said.
