This morning was the PwC “Shaking the MoneyTree” presentation. As is the norm Wes Getman of PwC led things noting the following highlights from the report.
Big venture capital first quarter nationally, at $7.1 billion, the largest since 2001. Early stage deals down on a national basis with 71 deals completed, down 40% from Q4.
Southeast was the fourth highest region in the country, the highest in quite some time. The region raised $580 million, due to blockbuster quarters in Florida and North Carolina. North Carolina companies raised $250 million across 16 deals. Florida did 13 deals valued at $151 million.
In Georgia deals are consistent $99 million on 17 deals, ranking the state as number 13. The 17 deals consisted of four early stage, seven expansion stage, and six later stage deals.
Stephen Fleming of VentureLab announced the formation of the Georgia Tech Innovation Fund. This is a small fund that is targeting seed round financings in the $100k range. The investments are based on charitable gifts from individuals/institutions with a relationship with Tech. Sounded like going to a football game is good enough to qualify. Imlay Investments is the first to “invest” in the fund.
Allen Moseley of Noro Moseley Partners also presented. NMP focuses on successful serial entrepreneurs in the healthcare, technology, and business services sectors. They also invest about 10% of their fund in special opportunities such as the PGA Superstore.
Like a lot of entrepreneurs, Allen lamented the lack of regional capital in the southeast. According to Allen, there are only three regional VC funds with over $150 million funds and 88% of all investment capital originated out of the region.
It was obvious that NMP has heard some of the rumblings going on in the Atlanta entrepreneurial community. He made it clear to point out and wanted the word spread that of the 39 investments in NMP V, 49% was invested in pre-revenue companies and 31% was invested in companies with less then $5 million in revenue.
Allen also discclosed some very confidential information, like Kathy’s age, which I will not disclose here.