In just one year, the Winston-Salem Partners Roundtable Fund, an angel group with over 70 members, has invested over $1.04 million in local companies. The WSPR Fund announced it closed its fifth and sixth investments yesterday.
The companies invested in this round are DHN Solutions, a digital health company, and Jenni Earle, a consumer goods company.
WSPR invested approximately $270,000 between DHN Solutions and Jenni Earle, but did not provide a breakdown. Ethanie Good, director of marking and communications for Greater Winston-Salem, Inc., has previously said WSPR defers to companies on whether to disclose the amount of investments.
TBJ reported that investments are expected to range from about $100,000 to $300,000 with the potential to be larger. As a pledge fund, individual members of the WSPR Fund are able to pick and choose which companies to invest in.
Previously, the fund invested in BEAM Dynamics, NVOLVE, smoodi and Village Juice & Kitchen. NVOLVE has received two separate investments from the WSPR Fund.
The WSPR Fund, an independent initiative of Greater Winston-Salem, Inc., launched in July 2021 by general partners Steve Lineberger, Hal Eason and Todd Johnson. It officially opened applications in September last year.
“We are excited to reach this milestone of $1 million invested through the WSPR Fund into local startups,” Mark Owens, CEO of Greater Winston-Salem, Inc., said. “Winston-Salem has strategically developed an ecosystem focused on developing and attracting startups. We know that providing access to capital is critical to the entrepreneurial ecosystem – and the WSPR Fund helps fill that need.”
The fund also provides strategic support and mentorships to assist the startups as they grow.
Here’s a closer look at this round’s companies:
DHN Solutions
Founded by two professors at Wake Forest’s medical school – Drs. David Miller and Ajay Dharod – DHN Solutions offers a cloud-based digital health navigator that identifies individuals who need a preventive service. The digital health platform, mPATH, also educates patients about their options and connects them to care.
“In a peer-reviewed clinical trial, DHN Solution’s mPATH program doubled the number of people who got screened for cancer, saving lives,” Miller said. “But up until now, mPATH has lived within the walls of Wake Forest University School of Medicine. WSPR’s investment gave us the capital we needed to transfer mPATH from the research setting to our cloud-based environment where we can make it available to other health care organizations.”
Jenni Earle
Jenni Earle is a consumer goods brand, making artisan, small-batch products. Made in Winston-Salem with regionally grown cotton, Jenni Earle’s signature product is bandanas based on mantras such as “keep going” and “trust yourself.”
The company was founded by Jenni Earle Hopkins. She was inspired by her grandfather, who always carried a bandana in his pocket. Jenni Earle recently opened a storefront in Winston-Salem and is stocked at stores across the country.
