A Triad-based pre-seed capital fund has announced its eighth investment, bringing its total investment close to $1.3 million.
First Launch Capital Fund, out of Greensboro, has invested an undisclosed amount into Centerpiece Software, a Winston-Salem SaaS startup.
Founded by Sam Grote, Centerpiece Software has built a project management system for the foodservice equipment and supplies industry that will centralize project data to automate workflows and analytics.
“We truly see a niche market that has a problem that has not been solved,” said Lou Anne Flanders-Stec, executive for First Launch Capital Fund. “[They] have built a tool that will provide a solution for this industry vertical that has truly been ignored for years.”
Flanders-Stec said that between the fund’s eight investments and add-on investments from its members, First Launch Capital Fund has invested almost $1.3 million into local startups. The fund was founded in 2018.
Centerpiece Software’s platform is designed to make it easier for dealers to track project tasks, collaborate with external stakeholders, manage installations and create organizational best practices. Having released the beta version of its software in September 2022, Centerpiece is currently developing additional features.
“Centerpiece has the qualities we like to see in SaaS businesses: strong team, knowing your customers, product-market fit and a focus on delivering value,” said Nathan Powell, a committee member of the fund. “With a founder like Sam at the helm and building a high caliber team, it’s no surprise that Centerpiece’s MVP is already making waves.”
According to Crunchbase, Centerpiece Software has previously received $600,000 in investments - $100,000 from Forum Ventures in June 2021 and $500,000 from B Capital Group in November 2021.
“We’re excited to partner with First Launch Capital, given their expertise in early-stage software and their local presence in North Carolina,” said Grote. “Their support and funding will speed up our product development, helping us achieve our long-term mission of building a new operating system for the foodservice equipment and supply industry.”
The company’s LinkedIn profile lists three employees, including Grote.
