Despite financial uncertainty brought on by a global pandemic, Greenville-based angel investor firm VentureSouth helped finance 17 startups with a total of $4 million in investments since the beginning of 2020.
“Many of the most well-known companies throughout the country were started as a response to, and during, difficult economic times,” Charlie Banks, managing director of VentureSouth, said in the release. “We firmly believe our region’s entrepreneurs will do the same, and VentureSouth is poised to bring those opportunities together with local investors who want to ‘make money, have fun and do good.’”
The number matches last year’s record for companies funded in the first six months of the year, according to the release. VentureSouth deployed about two-thirds of the capital after the onset of March’s economic shutdown, and also provided financial support to well-established companies during the COVID-19 crisis including Charleston’s Sentio, Atlanta’s GoPivot Solutions and HelloPackage, Mobile’s MemberHub and other companies across the Southeast. VentureSouth has invested roughly $50 million in more than 70 companies across the country through the partnership of 300 private investors.
“2020 has been a tough year as companies, regardless of size, have struggled to mitigate the painful effects of illness, shutdowns, operational disruptions, and a significant decrease in available risk capital,” Banks said in the release. “However, we are proud that VentureSouth and our members have remained active, supporting our companies with further capital and making new investments in companies poised to address some of these health and economic challenges.”