Triangle Tweener Fund Announces Q2 Investments Totaling $804k in 15 Triangle Startups including 12 New Companies and 3 Existing Portfolio Companies

July 1, 2024
Scot Wingo

The Triangle Tweener Fund (Tweener Fund) is excited to announce the results of the fourth quarter of 2024.

Tweener Fund made 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

·      Number of investments by instrument: SAFE: 8 (53%), Convert: 1 (7%), Priced Round: 6 (40%)

 “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.” 

Welcoming the Triangle Tweener Fund Q2 Portfolio

The Tweener Fund is excited to welcome 15 investments across 12 new companies into the portfolio, 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. And our investments spanned a mix of categories including consumer, FinTech, B2B SaaS, AgTech and CleanTech.”

Here are the 12 Q4 new portfolio companies (in order of investment):

·       LoanWell (Tweener) – LoanWell is a FinTech company that provides a platform supported by automated lending and grant technology to help community lenders deploy more capital, more efficiently. LoanWell gives a solution to out dated technology and manual processes for community lending, providing customized service for intake, origination, underwriting, closing, servicing, and reporting.

·      Plantd (Tweener) – Plantd is leading a shift to carbon-negative materials, using carbon dioxide from the atmosphere and turning it into durable and useful products. Plantd offers an innovative approach to tackle climate change, with the vision of building a factory of the future that locks away carbon in the production of new building material made from grass instead of trees.

·      Murphy’s Naturals (Tweener) – Murphy’s Naturals eliminates obstacles that prevent people from getting outdoors with high quality and uniquely tested insect repellant products. Murphy’s Naturals is dedicated to making along-lasting, positive impact on the world, creating high quality products withethical standards in mind.

·       CycleLabs (Tweener) – Cycle Labs is a software company that provides end-to-end automated testing solutions for enterprise organizations. Cycle Labs provides services that reduce risk, lost hours, and lost revenue for a wide range of companies across the globe. 

·      AgEye (Tweener) – AgEye believes the future of agriculture is data driven,  aiming to make advanced technology available to every grower. AgEye uses innovative crop intelligence and automated vertical farming racks that are transforming urban agriculture into a productive reality.

·      Remoov (Tweener) – Remoov provides an efficient and sustainable solution to decluttering your home. Remoov collects unwanted items from customers’ homes, handling them through sales, donations, and recycling efforts in order to clear clutter responsibly and give back to the community.

·      Grogo (Pre-Tweener) – Grogo is a patent-pending app offering a more balanced approach to screentime. The app is a control solution to screen time, using self-esteem building educational interruptions.

·       nDustrial (Tweener) – Ndustrial’s Energy Intensity platform accelerates the optimization of energy intensity in industrial facilities, helping to decrease costs and increase sustainable operations. NDustrial processes over 100 million data points every day to make smarter energy spending decisions in real time.

·      Flytes (Tweener) – Located in the Raleigh-Durham Metro area, 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 (Pre-Tweener) – Ardent AI is building a platform with tools that helps anyone create, share,and remix AI-powered apps. Ardent believes that AI will create a future whereeveryone can build software for themselves, boosting productivity andefficiency for all users. - 

·      Harmony (Pre-Tweener) – Harmony helps healthcare providers hire credentialed healthcare workers withan AI powered system that automatically verifies credentials. - 

·      Gemini Sports Analytics (Pre-Tweener) – Gemini gives sports teams a co-pilot for advanced data analytics. The data is used for roster development, recruiting and on-field tactics. - 

In Q2, Tweener Fund also made 3 follow-on investments in these existing portfolio companies: Allstacks, MuukTest and Reveal Mobile. 

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