On Wednesday, the Triangle Tweener Fund (Tweener Fund) released the results of the fourth quarter of 2024.
The Tweener Fund made 15 investments across 12 new companies, representing over $804,000 invested in the quarter.
“This quarter we added 8 new Tweeners to the portfolio,” said Robbie Allen, Tweener Fund general partner. “Our investments spanned a mix of categories including consumer, FinTech, B2B SaaS, AgTech and CleanTech.”
Tweener Fund makes 15 new investments
• 12 new portfolio companies (3 investments were follow-on investments)
• $804k invested across the 15 investments.
• 11 were Tweener investments and 4 were Pre-Tweener investments
• $654k (81%) invested in Tweeners, $150k (19%) invested in Pre-Tweeners
• $53,666 average investment
• $4.5m average round size
• $21.6m average pre-money valuation
“In Q2, the Triangle startup ecosystem continued to build momentum,” said Scot Wingo, Tweener Fund general partner. “We saw a large number of Tweeners raise fresh capital with ‘up rounds’ a clear sign that investors are increasingly optimistic.”
New portfolio companies for Q2 2024
LoanWell: a FinTech company that provides a platform supported by automated lending and grant technology to help community lenders deploy more capital, more efficiently.
Plantd: Plantd is leading a shift to carbon-negative materials, using carbon dioxide from the atmosphere and turning it into durable and useful products.
Murphy’s Naturals: Murphy’s Naturals eliminates obstacles that prevent people from getting outdoors with high-quality and uniquely tested insect-repellant products.
Cycle Labs: Cycle Labs is a software company that provides end-to-end automated testing solutions for enterprise organizations.
AgEye: AgEye believes the future of agriculture is data-driven, aiming to make advanced technology available to every grower.
Remoov: Remoov provides an efficient and sustainable solution to decluttering your home. Grogo – Grogo is a patent-pending app offering a more balanced approach to screen time. The app is a control solution to screen time, using self-esteem building educational interruptions.
nDustrial: Ndustrial’s Energy Intensity platform accelerates the optimization of energy intensity in industrial facilities, helping to decrease costs and increase sustainable operations.
Flytes: Flyte is bringing culinary innovation to airports. Flyte offers a simplified and efficient airport dining experience, optimizing revenue generation by reducing the capital investment typically required to establish a dining presence in airports.
Ardent: Ardent AI is building a platform with tools that help anyone create, share, and remix AI-powered apps.
Harmony: Harmony helps healthcare providers hire credentialed healthcare workers with an AI-powered system that automatically verifies credentials
Gemini Sports Analytics: Gemini gives sports teams a co-pilot for advanced data analytics. The data is used for roster development, recruiting, and on-field tactics.
Triangle Tweener Fund Q2 2024 investments
In Q2, Tweener Fund also made 3 follow-on investments in these existing portfolio companies: Allstacks, MuukTest, and Reveal Mobile.
The Tweener List is a curated list of ‘goldilocks’ companies defined as:
1. Companies must be headquartered in the Triangle region of NC (aka Research Triangle).
2. Companies must be over 10 people or $1m in annual revenues.
3. Companies must be under 800 people or $80m in annual revenues.
4. Companies must be technology/venture fundable businesses.
The Triangle Tweener List and Fund is managed by two Triangle area serial entrepreneurs, General Partners (GPs): Scot Wingo and Robbie Allen.
In its first two years, The Tweener Fund invested over $6m across 114 investments in Triangle HQ’d high-tech early-stage startups. Unlike closed funds, the Tweener Fund is always open for new accredited investors.
About the Triangle Tweener Fund
The Triangle Tweener Fund was founded in January 2022. It is a rolling fund that has a very narrow focus:
1. Companies must be headquartered in the Triangle
2. The fund invests 70%+ in early-stage, high-tech, ‘Tweener’ companies (10 people or $1m ARR)
3. The fund is building an index of Triangle Tweeners, so favors writing more ‘small’ checks vs. the traditional venture model of fewer large checks
4. Our accredited investors (LPs) are top entrepreneurs, service providers and other participants in our startup ecosystem and are not only looking for great returns, but also see the opportunity to accelerate the Triangle startup ecosystem flywheel.
Triangle Tweener Fund is managed by two Triangle area serial entrepreneurs who are the General Partners (GPs): Scot Wingo and Robbie Allen. Tweener Fund leverages the Angel List ‘rolling fund’ platform. The minimum investment is $20,000 (4 quarterly investments of $5k for the first year) and then ‘rolling’ (quarter-to-quarter) thereafter. In its first two years, Tweener fund invested over $6m across 114 investments in Triangle HQ’d high-tech early-stage startups. Unlike closed funds, the Tweener Fund is always open for new accredited investors.
More information can be found at www.tweenerfund.com