Successful first year emboldens Carolina Angel Network

Investor network energizing its 2018 focus on high-potential startups

Published Feb. 16, 2018

An innovative technology platform that improves patient experiences…A business model idea for a subscription service for home air filters…A better medical device used by doctors in emergency situations to save the lives of critically-ill patients suffering sepsis and shock…

These are just a few of the startups directly supported by the Carolina Angel Network (CAN), a community of investors and difference makers who are passionate about helping startup companies with high-growth potential and Tar Heel ties achieve success, drive economic progress and improve the lives of people in North Carolina and beyond.

Launched less than a year ago, the network offers advice and investment to early-stage companies affiliated with the University of North Carolina at Chapel Hill, providing opportunities for UNC entrepreneurs to grow their ventures with equity funding.

Housed under UNC’s Office of Innovation, Entrepreneurship and Economic Development, the network is comprised of members who are Carolina alumni and friends who have a passion for innovation and entrepreneurship and want to position UNC startups for success. And the network continues to grow at a steady pace with membership exceeding initial expectations, doubling in size from 60 to nearly 130 members in less than a year.

The Carolina Angel Network screening committee meeting researches and reviews investment opportunities.

“Investors who are hungry for opportunities, coupled with a strong, alumni network that loves Carolina has driven our membership this past year,” says Chelsea Eshraghi, director of CAN.  “We are excited to make an impact and provide much needed support for UNC startups.”

The heart of CAN is the experienced team and outside screening committee, who actively research and review investment opportunities that will fit member preferences, tailoring them down to a curated list of deals. For every 100 companies considered, around ten will make the cut to be presented to members. In addition, CAN engages students from the UNC Kenan-Flagler Business School and UNC School of Law to research each startup company, conduct due diligence and provide crucial feedback to the companies, whether they get funding or not.

Chelsea Eshraghi, director of Carolina Angel Network
"Investors who are hungry for opportunities, coupled with a strong, alumni network that loves Carolina has driven our membership this past year. We are excited to make an impact and provide much needed support for UNC startups.”

That teamwork continues to pay off. The network has already closed seven deals, including Camras, FilterEasy, 410 Medical, Mati Energy and Bivarus, which was recently acquired by Press Ganey, less than a year after CAN members invested in the company. Bivarus offers real-time patient and caregiver insights through a patented consumer feedback platform after a patient visit to a hospital. Bivarus’s capabilities will complement Press Ganey’s suite of solutions designed to help clients improve the overall safety, quality and experience of care for consumers and achieve the goal of zero harm.

● Camras invented a new medical device that is used for surgery in the case of severe glaucoma.

● FilterEasy is an air filter delivery subscription service for homeowners, apartment complexes and retail businesses.

● 410 Medical developed a device called the LifeFlow for rapid infusion of fluids in patients with severe sepsis, septic shock and other conditions that require rapid delivery of fluids for resuscitation.

● Mati Energy is a healthy energy drink that is a more effective alternative to traditional caffeinated/energy drinks.

A majority of the deals have been in tandem with Duke University and NC State University through the Triangle Venture Alliance, which allows each university’s angel investor network access to additional resources and opportunities to partner across institutions. This partnership among the universities gives innovations the best chance for success.

With nearly 40 additional deals in the pipeline, CAN is always looking for fresh, innovative startups to present to its member investors.

Jan Davis, angel investor and member of the CAN screening committee
"The wonderful thing about CAN is that we have members from all over the U.S. There could be someone on the ground that’s local, next to a really cool company that otherwise we wouldn’t know about or be able to help.”

“The deals need to have the ability to scale, the support of a great team and an interesting market,” says Jan Davis, an experienced angel investor and member of the CAN screening committee. “We also look for novel solutions – from life sciences to tech to consumer. For tech and consumer, we want to see evidence of a product/market fit. In other words, are the dogs willing to eat the dog food?”

And with CAN, members can have an effect outside their backyard.

“Because the network is focused on alumni rather than a geographic area – we can have greater impact and geographic diversification,” says Davis. “The wonderful thing about CAN is that we have members from all over the U.S. There could be someone on the ground that’s local, next to a really cool company that otherwise we wouldn’t know about or be able to help.”

The network understands its crucial to have a strong membership in order to provide more opportunities for UNC-affiliated startups. Aiming to have more than 200 members by the end of 2018, CAN will continue to focus on attaining new members as well as seek out novel startups to support.

“As a UNC student or faculty member, if you are thinking about building a business, take that first step to get started and consider CAN as a funding source,” says Davis. “And if you are an UNC alumni or friend and interested investor, consider becoming a member.”