The Wolfpack Investor Network is teaming up with Cary-based venture capital firm Harbright Ventures in a partnership that officials say could allow North Carolina State University to take a bigger role in the startup ecosystem.
N.C. State’s alumni-driven investor group is partnering with Harbright Ventures, a collaboration the school said will “strengthen opportunities and professional support for Wolfpack Investor Network (WIN) members, NC State students and WIN portfolio companies.”
Robert Ross, managing partner of Harbright, calls it a “win-win” that allows the network to take a more active stance when it comes to its portfolio companies.
“WIN’s historical process had been investing and then watching … involvement has been membership driven,” he said. But Harbright takes a different approach, he said.
“As we invest in companies, we often take a leadership role in the rounds,” he said, noting that the firm stays involved in the company after the deal closes.
Harbright’s portfolio includes firms such as 6AM City and ChekHub.
WIN, which launched in December 2016 as a university-affiliated nonprofit, has also not been able to drive its own terms. With Harbright, it can actively negotiate for better term sheets, Ross said.
“WIN was looking at, how can we do more for our members?” Ross said. “How can we have a more stable partner than just an employee? At Harbright, we have a small team here in the Triangle … we’re a small team, but we’re a team.”
The university had been in discussions with the firm for almost a year, Ross said. N.C. State had evaluated multiple potential partners before picking Harbright.
“With WIN investments surpassing $20 million across 34 portfolio companies, alongside a leadership transition, this was a prime opportunity to restructure and take WIN to the next level by bringing in new expertise and support,” said Wade Fulghum, assistant vice chancellor for research commercialization and the chair of WIN’s steering committee.