Accelerate Venture Partners, an angel investment group tied to the Wichita-based NXTUS Inc., has surpassed $7 million in raised capital following a "market-defying" second quarter, and has a new manager to help lead it.
Jacob O'Connor started Tuesday as the new NXTUS capital program manager and syndicate manager for Accelerate Venture Partners, according to a news release from the entrepreneurial organization.
He'll replace Quinn Robertson, who recently resigned to head up the 412 Angel Network in northwest Arkansas.
"I have a deep appreciation for the startup community, and I am excited to take a broader role in it with this position," said O'Connor, a 2023 graduate of Wichita State University, in the NXTUS release. "I am looking forward to interacting with investors and founders to mobilize capital and accelerate startup growth in the Heartland."
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Robertson had joined NXTUS in 2019 to lead NXTUS's capital programs, initially arriving in Wichita in the mid-2010s to do similar work at Koch Industries.
In regional venture capital, "everything we do is a team sport," said Mary Beth Jarvis, president and CEO of NXTUS, so Robertson will remain connected with Wichita entrepreneurship.
“In the middle of the country, especially underserved locations like the Heartland, there should be an ‘all-ships rise’ mentality," Robertson said in the news release. "I’m looking forward to staying connected to the Wichita community and continuing to build bridges, both capital and support related."
A Fran Jabara Scholar at WSU who graduated within three years, O'Connor has founded two companies, served as an analyst with the national University Venture Crossroads venture capital program, and has completed internships with Spirit AeroSystems, NXTUS and other firms in Kansas and Illinois.
In his new role with NXTUS and AVP, O'Connor will find and help educate high-growth potential entrepreneurs to mobilize capital toward, as well as attract investor members.
He steps into the role as the angel investment syndicate has gained exciting momentum in recent months.
AVP invests in startups from Kansas and its neighboring states in the Midwest, often alongside other regional angel groups and funds.
After a slow start to 2023 for the venture capital industry nationwide, AVP mobilized $1.1 million through five follow-on deals in the second quarter, meaning that AVP investors had already put capital into a company's earlier seed round. That's a cumulative $7.16 million in total capital mobilized.
Its membership is also growing. AVP now has 55 investors that include 38 accredited angel investors and 17 "observer" members, who are learning about early-stage investing and participate in monthly pitch meeting similar to the hit TV show "Shark Tank."
Since its inception in 2018, AVP has closed 36 investments with a portfolio of companies that offer innovative tools and technologies, including medical devices and diagnostics, human resources, transportation and others.
Most recently, AVP members invested nearly $1 million follow-on investment in the Tulsa-based Ten-Nine Technologies, which engages in research, development, and manufacturing of advanced battery materials.
Jarvis, the NXTUS president and CEO, said the organization is continuing to recruit new investors to support regional startups trying to raise capital.
"AVP and our other programs to strengthen our risk-capital network are a crucial facet of our work to help entrepreneurs and boost economic growth in the region," Jarvis said in the news release. "... These programs have excellent momentum, and we look forward to continuing that progress with Jacob leading the way."
Robertson, as well Accelerate Venture Partners, were honorees in the WBJ's 2023 Innovation Awards.
