The Triangle Tweener Fund launched 1/1/2022 and is a quarterly subscription fund. Each quarter is a portfolio of Triangle-based startups and different limited partners. The portfolio window runs the entire quarter, the LP window is the first two months of a Q (If you subscribe to the fund in the third month of a quarter, you do not participate in that quarter’s portfolio, you start in the next one). Because of this quarterly cadence, we announce and update this portfolio list towards the end of each quarter. The most current chronological quarter is at the top and then you can scroll ‘backwards’ through time to see the previous quarters portfolios.
Portfolio companies are listed in chronological order of investment intra-quarter (top of the list earliest in the Q, bottom of the list, latest in the Q. Each portfolio company includes a link to the company’s website to learn more and the CEO/founder’s LinkedIn page if you want to reach out. This is a public facing company to help promote our portfolio companies, LPs (investors), have access to the deal individual and aggregate deal terms, which are confidential (LPs – log into your Angel List portal here and navigate to ‘investments’. There is a ‘drop down toggle’ to change the quarter to see the different Q’s portfolios you have access to.).
Finally, as a reminder the Triangle Tweener Fund strategy is to build an index – a lot of smaller investments in a lot of companies. At the current fund size this translates to 10-15 investments a quarter, or 40-60 a year. If you’ve been involved with traditional venture funds (picking winners) this pace seems impossible. Trust us, it’s not easy, but it’s definitely possible.
Q2 2022 Triangle Tweener Fund Portfolio
In the second quarter of 2022, we made 14 investments in 12 Triangle HQ’d startups (2 were follow-ons). This graphic has the high-level overview followed by more information on each company. Our average investment was ~$51k and we deployed over $800k in the quarter between direct investments and SPVs. We’re excited to welcome this great group of companies to the portfolio!
The Q2 Tweener Fund portfolio company additions are:
- ArenaCX (Tweener)- ArenaCX is a spin-out of Bandwidth/Republic Wireless. Led by CEO Alan Pendleton, they have created software and a marketplace that helps companies manage their outsourced call center acquisition, procurement, and ongoing management.
- Offline Media (Tweener)- Offline Media has created a hyper-local two-sided marketplace. On one side are millennials and GenZ consumers looking to have new local, exclusive, curated experiences and perks. On the other side of the marketplace are local merchants (restaurants, etc.) looking to meet this coveted demographic and expose them to their offerings. The Offline Media CEO is David Shaner.
- ChekHub (Tweener) – Founded by Jon Trout based on his experience helping Google rollout their fiber, ChekHub provides companies with w2/1099 field operations staff software to manage three components of that complex business operation. 1. Recruitment, training, deployment, and measurement of field operators. 2. Asset tracking 3. Install and support/maintenance ticket tracking. While there are systems that do each of these, nobody has put them together in one system for this vertical.
- Convoy (pre-tweener) – Founded by serial entrepreneur Yasin Abbak, Convoy was founded based on Yasin’s personal experience watching his father operate a small business. Convoy seeks to bring modern procurement technology and leverage to small businesses. Their first vertical solution is group buying in the dental segment.
- RepVue (Tweener) – Founded by ChannelAdvisor CRO Ryan Walsh, RepVue has built a two-sided vertical talent marketplace. On one side are individual sales reps that are looking for opportunities that meet their criteria around total comp, base/variable, deal-size, industry, and other factors important to sales reps. Companies looking to expand/upgrade their sales talent are on the other side of the marketplace. Additionally, the companies can get a real-time ‘health of the sales org’ and compare their various ratings to other cohorts.
- Hip Ecommerce (Tweener)- Collectibles are a > $400b market that is underserved by legacy marketplaces like eBay. Founded by collectible enthusiast and serial entrepreneur Mark Rosenberg, Hip Ecommerce operates vertical collectible marketplaces (Stamps, postcards, and comics) that have a deep vertical experience for the collector in each category. For example, comic collectors frequently are looking for a specific range of CGC grades and HipComics allows you to search and buy that way.
- Pattern Health (Tweener)- Led by Ed Barber and Tim Horan, Pattern Health is a HealthTech company that accelerates digital health innovation. They do this by taking electronic records, clinical data and other critical health data that is hard to access, aggregating it and making it available to researchers, clinical organizations, and others through a set of microservices/APIs. Think of Pattern Health as Twilio/Stripe for healthcare data. Pattern Health had a busy Q – Tweener Fund invested in a convertible note and a priced round with a sidecar SPV for interested LPs.
- Quinsite (Tweener) – Jeff Maze worked for a consulting firm that built unified analytics for a variety of different healthcare organizations. Quinsite was founded to build a comprehensive healthcare analytics platform that is actionable. For example, are the members of your healthcare provider team meeting the right number of clients and getting great reviews?
- InsightFinder (Tweener) – Today’s SaaS businesses have complex hosting and development environments. Managing that is a role called DevOps (Development and site/app Operations). Companies are investing heavily in this role and tooling. InsightFinder, founded by Helen Gu (national expert in predictive analytics and distributed systems from NCSU) has built the Unified Intelligence Engine (UIE). UIE is an AI system that monitors all a company’s systems, logs and even DevOp engineering communications to then predict problem areas and root cause analysis. Imagine the UIE saying: “Hey Bob, server number 10 is acting wonky, you should look into that before it becomes a problem”. Sounds like sci-fi right? Hope, it’s InsightFinder.
- Viably (Tweener) – Serial entrepreneur Doron Gordon (sold Samanage to SolarWinds) is back with Viably. Viably is a FinTech that provides SMBs a platform for managing their finances. It starts with all-in SMB-friendly banking, insights and to get paid faster.
- Klearly (Tweener) – Klearly was a previous Q1 investment that raised an additional round the Tweener Fund participated in for Q2 and led a SPV vehicle for our interested LPs.
- Diveplane (Tweener) – One of the scariest AI stories is when Google developed an AI that could beat the best humans at the game GO, but they didn’t know how the AI came up with its strategy. Diveplane, led by former Epic Games President, Michael Capps, creates solutions that leverage the latest AI technology, but always making sure there are breadcrumbs to understand what the AI is doing and why.
- Reveal Mobile (Tweener) – Founded by serial entrepreneur, Brian Handly, Reveal Mobile aggregates anonymized mobile device location data to measure, optimize and expand their online->offline advertising. For example, let’s say you have a billboard on Capital Bld. Reveal allows you to measure the number of consumers that drove past that billboard and then measured your store in the last 30 days compared to a period before/after the billboard.
Q1 2022 Triangle Tweener Fund Portfolio
In the first quarter of 2022, we invested in 12 companies highlighted in this graphic and detailed in the following section:
- Confidential undisclosed investment
- Belongly (Pre-Tweener) – Serial entrepreneur, Dr. Doug Kaufman(TransLoc, BlackBoard, etc.) has founded Belongly to create a social network for mental health practitioners where they can connect, share best practices and make referrals.
- MemberHub (Tweener) – MemberHub, led by Will Bowen, sits at the intersection of EdTech and e-commerce. PTAs (Parent/Teacher associations) across the US, use MemberHub to not only manage their memberships, but also as the core of their fundraising efforts.
- Bristles (Pre-Tweener) – First time entrepreneur, Tina Tang, is on a mission with the creation of Bristles to leverage the latest in ML/AI to help non-designers design their home improvement projects. Art walls, furniture refurbs, and dozens of other projects can be planned and visualized in a single app without having to know photoshop, background removal, and all the other complexities involved with visualizing something today.
- PeopleLogic (Pre-Tweener) – As we move from an ‘always in the office’ world to a hybrid, flex, totally virtual array of work options, serial entrepreneur Matthew Schmidt (Devada) founded PeopleLogic to help companies measure quantitatively (vs. subjective surveys) the health of employees in an organization. PeopleLogic passively pulls in data from a companies internal systems to baseline employee engagement and then measure it going forward.
- Looma Project (Tweener) – Looma, founded by first-time entrepreneur Cole Johnson, is in the GroceryTech category, swizzled with a bit of AlcoholTech. Looma provides brands (majority in the alcohol vertical) the ability to tell their brand story using devices in grocery stores. Grocery stores and retailers in general are all benefiting from Apple’s IDFA/ATT changes because of their first-party data and Looma is well positioned to enable them to offer online and in-store ad platforms for brands.
- Plum (Pre-Tweener) – I’ve known Matt Williamson since he was running sales at Bronto. When he started Windsor Circle (2011-2018), I was excited to join the board and help out however I could. After WC and taking some time off to refresh, I told Matt I wanted to be the first check in his next venture and here we are. Plum helps groups that want to co-own a vacation/second home discover each other, find potential properties, buy the property and then manage the property.
- Next Century Spirits (Tweener) – NCS, founded and led by Scott Bolin was a spin out of a materials business called Tethis. NCS leverages their proprietary material and technology to create custom distilled spirits for private label, influencer brands and craft markets.
- Truentity (Pre-Tweener) – Mike Desai founded Truentity to build SaaS technology to help reduce medication errors. If you’ve ever had 10-20 prescriptions, it’s impossible to keep straight plus all that data lives with your provider, not you. Truentity allows you to upload it all, reconcile it with tele pharmacists and then keep a record on your phone.
- Green Places (Tweener) – Alex Lassiter left the Triangle (UNC grad) for the ATL where he co-founded Gather (software for the restaurant industry) and then they sold it after ~8yrs. That prompted him to move back to the Triangle where he met Jess Lipson (ShareFile/Citrix/Levitate). Together they came up with the idea for Green Places – a platform for SMBs to measure and track their carbon footprint while also helping with offsets.
- Proaxion (Tweener) – When a factory or warehouse goes down it’s cataclysmic, so it makes sense to pre-emptively invest to make sure that it doesn’t happen. Enter Proaxion led by Eric Murray. Proaxion is a combined hardware/IOT and software solution. The solution starts with hardware. Proaxion has developed a device that you can mount to compressors, motors, fans and other moving hardware, which is the most likely to fail. This device measures the vibrations from these items and feeds the data to the cloud. The software component uses predictive analytics to know when one of the monitored devices is heading to a failure state. Based on this data, the factory operators can repair the soon-to-fail item on their schedule vs. taking down the entire factory/facility.
- Klearly (Tweener) – Founded by go-to-market (GTM) veteran Alex Krawchick, Klearly has built a platform that pulls in data from sales, marketing and customer care systems, puts it through an AI system that makes actionable recommendations. “Customer X seems super engaged and ready to expand their usage.” “Prospect X looks like Customer Y, maybe you could use Customer Y as a reference?”
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