Here’s an updated and substantial revision of an earlier post today about Southern Capitol Ventures due to new information.

The principals involved won’t talk, but two Southern Capitol Ventures executives are branching out.

David Jones, one of the firm’s partners, told WRAL Tech Wire he was “not allowed to comment” about the VC’s fund-raising efforts.

But here’s what has been learned about what Jones and partner Jason Caplain are up to, based on sources.

The duo is in the processing of seeking investors for Bull City Ventures Partners.

The filing notes Jones and Caplain as involved in “Bull City Fund III GP, LLC” with a  Raleigh street address. As of the filing date of Jan. 31, the funding reported no investors.

The fund raising with a target price of $25 million.

Jones and Caplain can’t discuss any details due to legal restrictions.

Despite other reports, the new fund doesn’t involve Southern Capitol, sources say.

However, Jones and Caplain reportedly will remain actively involved in the management of Southern Capitol.

Capitol Broadcasting, the parent firm of WRAL Tech Wire, is a long-time investor in Southern Capitol.

If Caplain and Jones are successful, the funding will help meet one of the most pressing needs in the Triangle’s booming startup tech sector: fresh cash.

SouthCap’s Record

SouthCap as it’s called, has a much broader investment view than Raleigh, Durham or Chapel Hill. The firm actively shops for deals across the Mid-Atlantic and southeast.

Its last announced deal, for example, was leading a round for “big data” apps startup BrightContext, which is based in Virginia. 

 Its portfolio reflect that mission:

  • – Emeryville, CA
  • ArtusLabs – Morrisville, NC (acquired by Perkin Elmer NYSE: PKI)
  • AVIcode – Baltimore, MD (acquired by Microsoft NASDAQ: MSFT)
  • Batanga – Coral Gables, FL
  • BrightContext – Arlington, VA
  • ChannelAdvisor – Morrisville, NC
  • DoublePositive – Baltimore, MD
  • eTix – Morrisville, NC
  • FullSeven Technologies – RTP, NC (acquired by RTS)
  • Global Value Commerce – Raleigh, NC
  • Motricity – Belluvue, WA (IPO: NASDAQ: MOTR)
  • ReverbNation – Durham, NC
  • Synthematix – Durham, NC (acquired by Symyx Technologies)
  • WeddingWire – Bethesda, MD
  • Zift Solutions – Durham, NC

Southern Capitol also isn’t against very early deals or making followup investments.

“While we are known as early stage investors, we have invested in seed stage companies and several later stage companies,” the firm notes.

Founded in 2000, Southern Capitol investments range from $35,000 to $1 million.

Southern Capitol also puts on a variety of events to help connect entrepreneurs and investors and is an active partner in helping secure speakers for the annual Southeast Venture Capital Conference, which is next month in Charlotte.