WINSTON
SALEM
PARTNERS
ROUNDTABLE
Investment capital for Winston-Salem’s promising early stage companies.
About Us
WSPR is a group of over 70 accredited investors who are advancing the economy of Winston-Salem, North Carolina by investing together in promising early stage companies.
Our investors include seasoned business leaders with experience across a wide array of industries. We are able to provide mentorship and strategic support in addition to investment capital.
WSPR is a collaborative partner of Greater Winston Salem Inc., with the shared mission of advancing the Winston-Salem economy.
Why Winston-Salem?
Since its earliest days, Winston-Salem’s growth has been spurred by the innovation of its entrepreneurs. Many things about this city have changed since its inception – trading textiles for tech startups and cubicles for co-working spaces. Today, a wide range of organizations including Winston Starts, Flywheel, and the Center for Creative Economy provide a full continuum of support for entrepreneurs seeking programming, mentorship, and networking opportunities. Further fueling Winston-Salem’s thriving startup scene are several funding sources in addition to the WSPR Fund, including FCA Ventures.
The crown jewel is Winston-Salem’s Innovation Quarter, one of the fastest-growing urban-based districts for innovation in the United States with more than 1.9 million square feet of office, laboratory and educational space—which is now home to more than 170 companies, five academic institutions, 3,700 workers and 1,800 students. If you are embarking on a new business venture, Winston-Salem has all the resources you need to succeed.
Investments
Investments Made
Companies Funded
Million Invested
Since our founding in 2021, WSPR Fund has invested in the following companies:
Entrepreneurs
WSPR provides seed-stage funding to companies based in, or committed to relocating to, the greater Winston-Salem area.
Investment Profile
- Typical investment size of $100K – $300K
- Convertible notes or preferred stock
- Will lead, co-lead, or follow
- Board seat: in some cases where WSPR is leading an investment round, WSPR may request a board seat or observer seat.
Criteria
- Companies must be based in, or committed to relocating to, the greater Winston-Salem area of North Carolina
- Compelling customer problem
- Compelling and defensible solution
- Large addressable market; regional, national, or global in scope
- Business model scalable with speed and capital efficiency
- Focused go-to-market strategy
- Led by talented, trustworthy, determined and resourceful management team
- Industry agnostic, with preference for industries in which WSPR membership has expertise. This includes healthcare, IT, data analytics, apparel, education, virtual reality, automotive technology, and unmanned aviation, among others.
- Credible exit opportunities within 5 year time horizon
- C-corporation entity type
Process
- Contact hello@wsprfund.com for information regarding application submission.
- Qualified applicants are screened by the WSPR leadership team.
- Selected companies are then invited to pitch in person to the entire WSPR membership.
- After due diligence, WSPR makes a final investment commitment, and participates in the investment as a single entity on the company’s cap table.
Investors
WSPR is a group of over 70 accredited investors who are advancing the economy of Winston-Salem, North Carolina by investing together in promising early stage companies.
Our investors include seasoned business leaders with experience across a wide array of industries. We provide mentorship and strategic support in addition to investment capital.
For information on investor membership, contact hello@wsprfund.com.
Mayor Allen Joines addresses the WSPR membership during the annual kick-off party atop the 500 W 5th street building in downtown Winston-Salem
Press
WSPR Fund Announces Investment in STEMZ (2023.08.31)
WINSTON-SALEM, NC (August 31, 2023) — The Winston-Salem Partners Roundtable, an angel investment fund that offers capital to early-stage growing companies in Winston-Salem and Forsyth County, has made an investment in the local startup STEMZ, Inc.
STEMZ is a logistics & tech-focused company working to build consistent and convenient distribution systems for US-grown flowers. The company works to streamline the process of bringing fresh local flowers to consumers by partnering with farmers and floral creatives. The company was founded in 2019 by Amy Dunlap and Claire Parrish.
“At STEMZ, we’re excited that the WSPR Fund is investing in our efforts to revitalize the US flower industry by integrating technology and distribution. With 80% of the US floral market being imported, and 65%+ of US consumers wanting to purchase local flowers, there is a huge opportunity to create a robust market. As Winston-Salem has a history rich in agriculture and innovation, STEMZ looks forward to continuing this heritage with partners like WSPR,” says Amy Dunlap, STEMZ CEO and Co-Founder.
The WSPR Fund has over 70 accredited investors in the group. Individual investors can choose which startups they support after the companies are vetted and invited to pitch to the group.
“We aim to provide wraparound support in addition to funding,” says Steve Lineberger, general partner of the WSPR Fund. “We have members with a wide range of industry expertise that can help guide portfolio companies through their stages of growth.”
The WSPR Fund is facilitated by Greater Winston-Salem, Inc. as part of the organization’s efforts to advance the entrepreneurial ecosystem in Winston-Salem and Forsyth County.
Mark Owens, President and CEO of Greater Winston-Salem, Inc. says “we are excited to see another great WSPR investment in a scaling startup company here in our entrepreneurial ecosystem. Their innovative approach to sourcing local flowers to consumers helps solve a big logistics problem. The method is proving to work, and can easily be scalable to other regions, generating a lot of potential growth in the future.”
Since launching in July 2021, the WSPR Fund has invested more than $2 million in local startups. The companies funded to-date are BEAM Dynamics, DHN Solutions, Jenni Earle, KeraVet Bio, Nvolve, Smoodi, Village Juice and Kitchen, and STEMZ.
The WSPR Fund accepts applications from early-stage companies seeking funding on an ongoing basis. To be considered for funding, companies must be currently located in or willing to locate in Winston-Salem and Forsyth County. To learn more, visit wsprfund.com. To access additional information about Winston-Salem’s resources for startups and early-stage companies, visit winstonsalem.com/entrepreneurial-ecosystem.
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The Winston-Salem Partners Roundtable (WSPR) Fund is an independent group of more than 70 accredited investors. The WSPR Fund is faciliated through the entrepreneurial initiatives division of Greater Winston-Salem, Inc. Contact us at hello@wsprfund.com.
Greater Winston-Salem, Inc. supports Winston-Salem and Forsyth County’s economic growth through initiatives in economic recruitment and retention, talent and workforce development, advocacy, and entrepreneurial programming. We are committed to bringing an innovative mindset and collaborative efforts to initiatives that develop a vibrant community that’s good for business growth and sustainability. Our efforts are informed by our 2030 Vision: to be the top mid-sized city in the Southeast, to be a more equitable community, and to be the best place to raise a family. Learn more at winstonsalem.com
WSPR Fund Announces Investment in KeraVet Bio (2023.04.03)
WINSTON-SALEM, NC (April 3, 2023) — The Winston-Salem Partners Roundtable (WSPR) Fund is announcing a new investment in the Winston-Salem based startup KeraVet Bio, bringing its total investment portfolio to seven early-stage companies. The WSPR Fund is comprised of over 70 accredited investors that provide seed capital and strategic support to promising local startups.
KeraVet Bio is in the early stages of bringing a new veterinary wound care product to market – KeraVet® Gel. The product is designed to address severe wounds and surgical incisions in cats and dogs, as well as treat a wide range of skin conditions while alleviating the need for e-collars or other lick deterrents. KeraVet Gel is a reformulation of the FDA-cleared human medical treatment, KeraStat® Gel, which is being used by wound and trauma clinicians across the country for their patients.
Founder and CEO Luke Burnett says that the WSPR Fund’s investment will help the company scale production for wider market distribution. “KeraVet Bio is part of the Winston-Salem community and we are excited to work with the Winston-Salem Partners Roundtable Fund to develop the next generation of veterinary wound products that have the potential to eliminate the cone from clinical practice. For many of us, our pets are important members of our families, and we believe our product can improve veterinary care and lead to better outcomes when they get injured or need surgery. The WSPR Fund is playing a key role in our effort to get our product to market.”
KeraVet Bio plans to launch KeraVet Gel this coming August. The product will be available by prescription only and is expected to be distributed to veterinary practices for in-practice and take-home treatments. The product should also be available through online pet pharmacies.
KeraVet Bio joins six other Winston-Salem startups that have also received WSPR Funding: BEAM Dynamics, DHN Solutions, Jenni Earle, Nvolve, Smoodi, and Village Juice & Kitchen. In total, the WSPR Fund has committed $1.8 million in seed stage capital to-date.
“Our diverse portfolio includes high-growth entrepreneurs in a range of sectors including medical care, SaaS technology, consumer products, and the food and beverage industry,” says Steve Lineberger, a WSPR Fund founding partner. “KeraVet Bio is a great addition to the WSPR Fund. With a revolutionary product and highly experienced leadership team, we expect the company to find success in the veterinary market and provide value to its investors.”
The WSPR Fund is a collaborative partner of Greater Winston-Salem, Inc. with the shared mission of advancing the Winston-Salem economy and supporting its entrepreneurial ecosystem. “Startup success is a key growth strategy for Winston-Salem,” says Mark Owens, President and CEO
of Greater Winston-Salem, Inc. “Providing access to capital through the WSPR Fund can help companies reach critical milestones in their early stages of growth. It is our goal to provide them with the optimal economic conditions and community support as they continue to scale.”
The WSPR Fund accepts applications from early-stage companies seeking funding on an ongoing basis. To be considered for funding, companies must be currently located in or willing to locate in Winston-Salem and Forsyth County. To learn more, visit wsprfund.com. To access additional information about Winston-Salem’s resources for startups and early-stage companies, visit winstonsalem.com/entrepreneurial-ecosystem.
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The Winston-Salem Partners Roundtable (WSPR) Fund is an independent group of more than 70 accredited investors. The WSPR Fund is faciliated through the entrepreneurial initiatives division of Greater Winston-Salem, Inc. Contact us at hello@wsprfund.com.
Greater Winston-Salem, Inc. supports Winston-Salem and Forsyth County’s economic growth through initiatives in economic recruitment and retention, talent and workforce development, advocacy, and entrepreneurial programming. We are committed to bringing an innovative mindset and collaborative efforts to initiatives that develop a vibrant community that’s good for business growth and sustainability. Our efforts are informed by our 2030 Vision: to be the top mid-sized city in the Southeast, to be a more equitable community, and to be the best place to raise a family. Learn more at winstonsalem.com.
WSPR Fund Exceeds $1 Million in Investments to Local Startups (2022.08.24)
The Winston-Salem Partners Roundtable (WSPR) Fund, a Winston-Salem based angel group with over 70 members, has closed two new investments bringing its total investment to $1.04 million since launching in July 2021.
DHN Solutions, a digital health company, and Jenni Earle, a consumer goods company, join WSPR as its fifth and sixth portfolio companies. The WSPR Fund has also invested in BEAM Dynamics, Nvolve, Smoodi, and Village Juice & Kitchen.
Dr. David Miller, Co-Founder of DHN Solutions, says the investment will allow the company to expand its digital health products and benefit more patients. “In a peer-reviewed clinical trial, DHN Solution’s mPATH™ program doubled the number of people who got screened for cancer, saving lives. But up until now, mPATH™ has lived within the walls of Wake Forest University School of Medicine. WSPR’s investment gave us the capital we needed to transfer mPATH™ from the research setting to our cloud-based environment where we can make it available to other healthcare organizations.”
Increasing access to capital for local startups is a key component of Greater Winston-Salem, Inc.’s economic development efforts, which include Technology and High Growth Entrepreneurship as a top industry sector for growth. WSPR LLC was launched in 2021 by general partners Steve Lineberger, Hal Eason, and Todd Johnson with the operational support of and collaboration with Greater Winston-Salem, Inc.
“We are excited to reach this milestone of $1 million invested through the WSPR Fund into local startups,” says Mark Owens, President and CEO of Greater Winston-Salem, Inc. “Winston-Salem has strategically developed an ecosystem focused on developing and attracting startups. We know that providing access to capital is critical to the entrepreneurial ecosystem – and the WSPR Fund helps fill that need.”
The WSPR Fund accepts applications from early-stage companies seeking funding on an ongoing basis.
ABOUT THE STARTUPS:
DHN Solutions
Co-Founders: Dave Miller, MD, MS, Ajay Dharod, MD
DHN Solutions increases healthcare quality and efficiency by empowering patients to manage their care. The company’s flagship product is mPATH™, a cloud-based digital health navigator that identifies individuals who need a preventive service, educates them about their options, and connects them with care.
Jenni Earle
Founder: Jenni Earle Hopkins
Jenni Earle is a Consumer Goods Brand created to inspire authenticity and encourage bravery and adventure for the wearer. The artisan small-batch products are made in Winston-Salem, NC with regionally grown cotton. Their foundational products are mantra-based bandanas. The company was started by Jenni Earle Hopkins who was inspired by the love of her grandfather who always carried a bandana in his pocket and her belief that we are the best version of ourselves when we act from a place of bravery and authenticity.
WSPR Fund Invests in Two Early-Stage Companies (2022.04.28)
Winston-Salem Partners Roundtable (WSPR) Fund makes its fourth and fifth investments bringing the total amount invested over the past 8 months to $770,000
WINSTON-SALEM, NC (April 28, 2022) — The WSPR Fund, a Winston-Salem based angel group with over 70 members, has closed its fourth and fifth investments in Winston-Salem based early- stage companies. Since WSPR began accepting applications in September 2021, the fund has invested over $770,000 in four companies.
The latest funding includes an initial investment in Smoodi, Inc. and a follow-on investment in NVOLVE, Inc. The two other WSPR portfolio companies are Village Juice & Kitchen and BEAM Dynamics.
“The WSPR Fund is on track to invest more than $1 million in local startups within its first year,” says Mark Owens, President and CEO of Greater Winston-Salem, Inc. “With access to capital through the WSPR Fund and several other local sources, we have filled in the resource gaps to build one of the best entrepreneurial environments for companies to grow. We are excited to see what new products and innovations local companies will bring to the market.”
smoodi
Co-Founders: Pascal Kriesche and Morgan Abraham
Smoodi offers healthy smoothies at the tap of a button through its proprietary, automated, self- cleaning smoothie machine. Smoodi also provides pre-packed, all-natural frozen smoothie cups in a separate freezer unit. In addition to receiving funding from the WSPR Fund, Smoodi has also secured funds through Venture Winston Grants.
NVOLVE
Founder: Tom Frosheiser
NVOLVE keeps providers informed, and patients engaged, between office visits via Remote Patient Monitoring solutions consisting of Bluetooth-enabled wearable devices along with physician reports and dashboards.
WSPR Fund
The WSPR Fund accepts applications from early-stage seeking funding on an ongoing basis. To learn more, visit wsprfund.com. To access additional information about Winston-Salem’s resources for startups and early-stage companies, visit winstonsalem.com/entrepreneurial-ecosystem.
Contact us at hello@wsprfund.com.
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The Winston-Salem Partners Roundtable (WSPR) Fund is an independent group of more than 70 accredited investors. The WSPR Fund is faciliated through the entrepreneurial initiatives division of Greater Winston-Salem, Inc.
Greater Winston-Salem, Inc. supports Winston-Salem and Forsyth County’s economic growth through initiatives in economic recruitment and retention, talent and workforce development, advocacy, and entrepreneurial programming. We are committed to bringing an innovative mindset and collaborative efforts to initiatives that develop a vibrant community that’s good for business growth and sustainability. Our efforts are informed by our 2030 Vision: to be the top mid-sized city in the Southeast, to be a more equitable community, and to be the best place to raise a family. Learn more at winstonsalem.com.
WSPR Fund Invests Seed Capital in Three Early-Stage Companies (2022.01.10)
The Winston-Salem Partners Roundtable (WSPR) Fund makes three initial investments totaling $554,000
WINSTON-SALEM, NC (January 10, 2022) — The WSPR Fund, an angel group with over 60 members, has closed its initial investments in three Winston-Salem based early-stage companies totaling $554,000. In addition to capital, the WSPR Fund is able to provide strategic support to assist early-stage companies as they grow.
To qualify for investment, a company must be based in or committed to relocating to Winston- Salem/Forsyth County. The WSPR Fund began accepting applications in September 2021 and is pleased to announce it has closed the following investments:
BEAM Dynamics
Founders: David Kaszycki & Ryan DeMars
BEAM Dynamics helps the film and entertainment industry reduce costly downtime on set with the BeamON asset management and equipment intelligence platform.With 12 employees at present, the Company has several pilot customers including Hearst and Graham Media.
Nvolve
Founder: Tom Frosheiser
NVOLVE keeps providers informed, and patients engaged, between office visits via Remote Patient Monitoring solutions consisting of Bluetooth-enabled wearable devices along with physician reports and dashboards. With 30 employees at present, the Company currently has 15 physician practices throughout the southeast as customers including Wake Forest Baptist Health.
Village Juice & Kitchen
Founders: Nathan Atkinson, Lonnie Atkinson, and Clyde Harris
Village Juice & Kitchen uses fresh, high-quality fruits and vegetables to craft cold-pressed juices, salads, and more. With 45 employees at present, the Company has several University clients including Wake Forest, UNC Chapel Hill, Elon, UNC Wilmington and the University of South Carolina. The Company has also begun expanding its franchising and has several franchise locations.
The WSPR Fund’s goal is to generate returns to the members and to recruit and retain promising scalable companies to Winston-Salem while introducing them to the wide support of the local entrepreneurial ecosystem. Steve Lineberger, a WSPR Fund general partner, says “The members of WSPR have made three strong investments in local Winston-Salem companies with tremendous scaling potential. I think we are seeing the results of strong local, scalable startups being presented to a very supportive Winston-Salem community.”
The early-stage companies plan to utilize the funding to accelerate their growth. “Having the support of WSPR has been instrumental in helping us continue the momentum we’ve established scaling our brand this year,” says Nathan Atkinson, co-founder of Village Juice and Kitchen.
“We have identified a growth strategy to place our locations on college campuses across the country, as well as expand both our product line and continue to place locations in our region via franchising, so having the financial and operational support of WSPR has been key to successfully continuing that growth.”
Tom Frosheiser, CEO of Nvolve says “The capital will enable Nvolve to accelerate and broaden our sales growth in 2022 and the WSPR network will be a valuable partner as we continue to hire, innovate and scale our operations to help more patients and providers in more locations and in more physician specialties.”
David Kaszycki and Ryan DeMars originally established BEAM Dynamics in Atlanta in 2020 but quickly realized the potential of locating in Winston-Salem and integrating into the startup ecosystem here in order to access resources including the WSPR Fund. “We liked what we learned about the Winston-Salem startup ecosystem and how we could be a central player in the community right from the start. This investment provides critical launch capital as we head into a growth year in 2022,” says David.
The WSPR Fund accepts applications from early-stage seeking funding on an ongoing basis. To learn more, visit wsprfund.com. To access additional information about Winston-Salem’s resources for startups and early-stage companies, visit winstonsalem.com/entrepreneurial-ecosystem.
The Winston-Salem Partners Roundtable (WSPR) Fund is an independent group of more than 60 accredited investors. The WSPR Fund is facilitated through the entrepreneurial initiatives division of Greater Winston-Salem, Inc.
Contact us hello@wsprfund.com.
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Greater Winston-Salem, Inc. supports Winston-Salem and Forsyth County’s economic growth through initiatives in economic recruitment and retention, talent and workforce development, advocacy, and entrepreneurial programming. We are committed to bringing an innovative mindset and collaborative efforts to initiatives that develop a vibrant community that’s good for business growth and sustainability. Our efforts are informed by our 2030 Vision: to be the top mid-sized city in the Southeast, to be a more equitable community, and to be the best place to raise a family. Learn more at winstonsalem.com.