RESEARCH TRIANGLE PARK — Triangle Tweener Fund (Tweener Fund) is pleased to announce its fourth quarter 2024 results.
Tweener Fund made 18 new investments.
• 10 new portfolio companies (8 additional investments) • $940,000 invested across 18 investments.
• 11 investments in tweeners and 7 investments in pre-tweeners • $767,000 (82%) invested in tweeners and $175,000 (18%) in pre-tweeners • Average investment amount is $52,345
• Average round size $5.6 million
• Average valuation before money is $30.3 million.
• Number of investments by product:
o Safety: 9 (50%)
o Conversion: 4 (23%)
o Price Round: 5 (27%)
“We are off to a very positive start to 2024 in the Triangle startup ecosystem,” said Tweener Fund General Partner Scott Wingo. “Our existing portfolio has seen more than five ‘up from previous round/new capital/new investor’ deals initiated this quarter, the most since the start of 2022.”
Welcome Triangle Tweener Fund’s Q1 Portfolio
Tweener Fund is pleased to welcome 18 investments across 10 new companies to its portfolio. This means that he had over $940,000 invested this quarter.
“Given the high activity at the tweener level, we have doubled down on that segment,” said Tweener Fund General Partner Robbie Allen. This quarter saw a great convergence of categories, including EdTech, HealthTech, SalesTech, and Fintech. ”
The 10 new portfolio companies for the fourth quarter are (in order of investment):
● Sani (Pre-Tweener) – Founded by two NCSU sisters, Sani is a direct-to-consumer and wholesale consumer brand. Sani offers South Asian-inspired apparel that integrates contemporary design details. Sani was recently selected by Nordstrom for a collaboration. www.sani.co
● Mapt (Pre-Tweener) – Mapt is an EdTech company that provides interactive apps that help parents and students plan and navigate the complex college application process. The app uses AI-driven guidance, a customized college list, and helps families approach the admissions process strategically. www.mapt.co
● Cookie (Pre-Tweener) – The Triangle has a rich and deep history in the sports tech space, and Cookie is the newest company in the space. Cookie focuses on youth sports leagues providing solutions for event managers, clubs, coaches, parents and players. Their core function is in event ticketing and payments, and from there they branch out to digitize and modernize other parts of the youth sports experience. www.getcookie.com
● Phinite (Tweener) – We are excited to welcome another CleanTech company to the Phinite portfolio. Phinite turns animal farms into renewable fertilizer generators. The company’s proprietary robotic system converts animal waste into phosphate-rich granular fertilizer, creating a circular cycle in which waste is reused and protects the earth’s resources. www.finite-us.com
● Higharc (Tweener) – Higharc leverages AI and other technologies to digitize the homebuilding process, improving the experience for builders as well as buyers. www.higharc.com
● Upswing (Tweener) – Upswing is an EdTech company that partners with universities to provide an integrated student services platform that is proven to dramatically improve student retention. Services offered by this platform include tutoring, mental health, and more. www.upswing.io
● Revcast (Tweener) – Founded by Pendo co-founder Eric Boduch and Pendo RevOps leader Jeff Serlin, RevCast provides solutions for RevOps leaders. RevOps provides agile revenue planning that enables today’s GTM leaders to plan, execute, and achieve their company’s high revenue goals. RevOps helps teams answer questions such as: What is her ability to allocate against her goals, how is her pipeline structured against her goals, which reps are achieving her highest ROI, etc. www.revcast.com
● RxLink (Pre-Tweener) – Affordable prescription purchases are a challenge for everyone. RxLink is a HealthTech company that provides an AI-driven platform that automates the process of finding and delivering the lowest possible prescription therapies to patients. www.rxlink.com
● Medicom (Tweener) – Medicom is a HealthTech company that provides complex medical images, HIPAA-compliant medical images, reports, and help systems for exchanging reports.
order. The company’s new AI data platform, Medicom Intellect, allows GenAI companies to access and train anonymized longitudinal health information to create the next generation of hyper-vertical AI solutions. www.medicom.us
● Vector (Pre-Tweener) – Too many prospects. He said no organization had ever had a sales team. Vector, one of his YCombinator companies, helps companies’ sales organizations source new leads from across their entire employee base and network, helping companies fill their pipelines and solve the dreaded “lead drought” problem. We will support you to do so. www.vector.co
During the first quarter, Tweener Fund also made eight additional investments in existing portfolio companies: GetSpiffy, TraKid, Offline Media, Curemint, The Looma Project, Alcove Rooms, Spring & Mulberry, and Groupups.
About the Triangle Tweener Fund
The Triangle Tweener Fund was established in January 2022. This is a very narrowly focused rolling fund.
1. Companies need to be headquartered in the Triangle.
2. The fund invests 70% or more in early-stage, high-tech “tweener” companies (10 employees or $1 million ARR)
3. The fund builds a triangle tweener index, which favors writing more “small” checks rather than the traditional venture model of writing fewer large checks.
4. Our Accredited Investors (LPs) are top entrepreneurs, service providers, and other participants in our startup ecosystem who are not only looking for big returns, but also to accelerate the flywheel of the Triangle startup ecosystem. We also see opportunities.
The Triangle Tweener Fund is managed by general partners (GPs) Scott Wingo and Robbie Allen, two serial entrepreneurs in the Triangle region. Tweener Fund leverages Angel List’s “rolling funds” platform. The minimum investment is his $20,000 (in the first year he invests $5,000 quarterly and he invests 4 times) and then “rolling” (quarterly). In his first two years, Tweener Fund invested more than $6 million in his 114 investments in high-tech early-stage startup companies at Triangle headquarters. Unlike closed funds, tweener funds are always accepting new accredited investors.
For more information, please visit www.tweenerfund.com.
