RESEARCH TRIANGLE PARK– Southern Capitol Ventures (SCV) says it has completed raising capital for Southern Capitol Technology Fund I at $4.5 million.
SCV surpassed its original goal of raising $2 million to $3 million.
The fund, which provides early stage investments to regional technology and life science firms, is actively looking for new seed stage investment opportunities. It invests in amounts ranging from tens to hundreds of thousands.
SCV has invested in ChannelAdvisor, Batanga, FullSeven Technologies, Pinpoint and Overture Networks.
“Southern Capitol Ventures was created to fill a growing void of early stage funding in the Triangle regional market,” said Ben Brooks, founding partner of SCV.
“Along the way, and with significant help from our active advisory board, we have worked to help redefine how early stage funds operate in this market. In addition to providing much needed funding, we believe venture firms should provide support in terms of long-term strategic planning, marketing and sales initiatives and business development programs.”
More than a bankroll
Ken Arneson, chief executive officer of FullSeven, which does enhanced email marketing and branding, says, “early stage rounds are difficult to find. Most venture capitalists now are adding to portfolio companies or companies close to profits. The venture has kind of left the venture capital business.”
Arneson says, “Southern Capitol’s monetary support is crucial, but they also get involved. Ben is a director on our board. Dave Murray (president of ClearImage PR and a partner) and his crew have helped with marketing, our Web site, and partner development efforts. They’ve done much more than bankrolling us.”
SCV invested in FullSeven’s two-part A round both times.
Arneson said that Jason Caplain, SCV partner who joined the company from Red Hat, made an unusual promise. “He said he was going to dye his hair blue when they got this fund closed, so I’ll be looking to see if he’s blue next time I see him,” Arneson said.
Positioned as “Premiere Fund”
“The Southern Capitol team contains some of the brightest minds in this market and we have been pleasantly surprised with the significant amount of ongoing support we receive from the partners at Southern Capitol Ventures and their advisors,” said Troy McConnell,CEO of Batanga. “With the support we continue to aggressively increase our revenue.”
“Southern Capitol Ventures has been an ardent supporter of our activities,” said Michael Jones, chief operating officer of ChannelAdvisor. “SouthCap has positioned itself as one of the premiere early stage funds in the Southeast.”
The SCV advisory board includes the following Triangle area executives: Tim Buckley, COO, for Red Hat, Inc.; Dr. Al Childers, president of administration for Cardinal Health Pharmaceutical Development, Jeff LeRose, president of Research Triangle Software, and Marianna Suciu, vice president of government, Latin America and Canada Operations SAS Americas.
SCV receives technical and financial support from the North Carolina Biotechnology Center.