All applications are initally screened according to their progress to date and the team experience. Criteria vary by type of industry.
Non-Life Science Products/Services
• Revenues – Early customers for several months > greater than $200K
• Product – working product or service, not necessarily fully featured
•Team – CEO prior entrepreneurial experience
• IP – exclusive license agreement completed and/or patents assigned to company
• Financials – solid revenue assumptions; sales metrics for at least 1 year
Medical Devices
• Product – working product, fully functional
• FDA – clear clinical trial path and predicate device decided
• Team – CEO with business background, senior clinical trial officer
• Market – focused product and sales rollout plan for customers
• IP – issued IP or received patent office action on IP
Biotechnology
• Product - results using human samples over at least 6-12 months
• FDA - approval and reimbursement model known
• IP - Issued IP or received patent office action on IP
•Team - Industry expertise > 10 years for senior team
•Market Validation – positive feedback; strategic partners known
•Subsegments we Avoid - drug discovery, drug candidates, drug development (pharmaceuticals)
Investment Criteria
Fundraising. Raising Series Seed or Series A equity capital of $1-10 million; syndicated financing with top tier angel groups or institutional investors.
UNC Affiliation. Executive team or Board Chair who is a UNC alumnus, faculty or have licensed a technology from the university.
Geography. Company headquartered in the United States.
What our Entrepreneurs Say
Entrepreneur
Entrepreneur
“This region has kind of ebbed and flowed in terms of the local capital available to these startups, but now angel networks like Carolina Angel Network are trying to change that. These networks are using their powerful alumni base to create an investor circle that would assist in financing startups. It really enhances the region beyond just the absolute value of the finance goal.”
Kyle Chenet, CEO of 410 Medical. Durham, NC
“The Carolina Angel Network has been easy to work with, and they move much more quickly than other angel networks we’ve worked with in the past. It’s been a really positive experience all around with CAN. They’ve been really supportive.”
Kent Geer, CFO of EternaTear. Raleigh, NC
