The Winston-Salem Partners Roundtable Fund, an angel group with over 70 members, closed its fourth and fifth investments in two Winston-Salem startups, bringing the total amount invested by the fund to over $770,000.
The early-stage companies invested in this round are smoodi, Inc. and NVOLVE, Inc. This round of latest investments marks the first time WSPR has invested in smoodi. The WSPR fund previously invested in NVOLVE earlier this year.
WSPR invested about $216,000 between the two companies, but did not provide a breakdown. Ethanie Good, director of marking and communications for Greater Winston-Salem, Inc., said WSPR defers to companies on whether to disclose the amount of investments.
WSPR has also invested in BEAM Dynamics and Village Juice & Kitchen.
Since WSPR opened its applications in September in 2021, the fund has invested over $770,000 in four companies. TBJ previously reported that investments are expected to range from approximately $100,000 to $300,000 with the potential to be larger. As a 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 on track to invest more than $1 million in local startups within its first year,” Mark Owens, president and CEO of Greater Winston-Salem, Inc., said “With access to capital through the WSPR Fund and several other local sources, we have filled in the resource gaps to build one of the best entrepreneurial environments for companies to grow. We are excited to see what new products and innovations local companies will bring to the market.”
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. 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.
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 companies:
smoodi
Founded by Pascal Kriesche and Morgan Abraham, smoodi offers healthy, fresh and customizable on-the-go smoothies through its proprietary self-cleaning blender machine. The blender fits on top of a counter and allows consumers to self-serve their desired frozen smoothie cups.
smoodi has recently received other awards from from Winston-Salem entrepreneurial support organizations – $8,000 from Winston Starts annual pitch event and $50,000 from Agile City as a part of its inaugural Venture Winston Grant cohort.
NVLOVE
One of TBJ’s 2022 Startups to Watch, NVOVLE offers remote patient monitoring through Bluetooth-enabled wearable devices and software that includes physician reports. NVOLVE is headed by CEO Tom Frosheiser and employs 30 people, with a range of clients throughout the Southeast including individual physician practices and Atrium Health Wake Forest Baptist.
NVOLVE had raised approximately $1.6 million in 2021.
