Print
Banking & Finance

Wilmington Native Launches $26M Venture Capital Fund

By Jenny Callison, posted Jun 19, 2014
A Wilmington native who has been involved in a series of venture capital funds has announced a new $26 million fund that will make investments in early and growth stage technology companies.
 
David Jones, who grew up in Wilmington and graduated from Cape Fear Academy, has publicly launched Bull City Venture Partners Fund III with fellow fund manager Jason Caplain. The two operate out of an office in Durham, and previously worked with Southern Capitol Ventures.

Jones will speak at a program on investing Sept. 4, 2014 at the University of North Carolina Wilmington's Center for Innovation and Entrepreneurship.
 
“We closed the fund on June 2, 2014 at $26M, so the fund is closed up to new investors,” Jones said in an email. “Our investors include Cisco, Red Hat, Industry Ventures, Blue Cross Blue Shield of NC, NC Innovation Fund, and many large family offices throughout the region.”
 
One of the investors is GCM Grosvenor, which describes itself as “one of world’s largest and most diversified independent alternative asset management firms.” Tracy Harris, a Durham-based member of Grosvenor’s Private Markets Investments department, will moderate Thursday’s “Stages of Investor Capital” seminar at the CIE.

Jones said that BCVP will look primarily at companies that are primarily based in the Mid-Atlantic and Southeast U.S. regions.
 
 “Given North Carolina is our backyard, we better not miss any big successes here,” he added.
 
“Software, ecommerce, digital media, mobile, health care IT, and internet markets are our focus.  This is the same focus we had with our previous two funds with Southern Capitol Ventures,” Jones said.  

"We will invest at the seed stage (just an idea) and have done this three times out of 11 in our previous fund," he said. "Early stage we define as a company with a product and with a few customers and looking to scale the business. Growth stage is a company with a strong product and customers, and an investment goes to add rocket fuel to the fire to speed up the growth of the business. Across all stages, we are targeting the very best entrepreneurs."
 
Asked how the partners will evaluate companies that request investments, Jones said, “Our investment decisions are driven roughly 80 percent by the team/entrepreneurs and the remaining 20 percent is the market opportunity and momentum in the business.  A big question I like to ask entrepreneurs is ‘what advantage do you and your team have to be able to execute on this idea?’  Experienced successful entrepreneurs are a big target for us.”  

Jones and Caplain were the full-time partners at Southern Capitol Ventures, where they remain active in running two funds, Jones said.
Ico insights

INSIGHTS

SPONSORS' CONTENT
Burrus rob headshot 300x300

Cameron M.B.A. Alumna Keeps Wilmington WARM

Robert Burrus - Cameron School of Business - UNC-Wilmington
Chadwoutersheadshot

Changes Coming to Sales Tax on Internet Sales

Chad Wouters - Earney & Company, LLP
Karagansmanncshlaw300x300

Relief Available for Medicare Part B Penalties

Kara Gansmann - Cranfill Sumner & Hartzog LLP

Trending News

Ohio Company Acquires Wilmington Based Environmental Consulting Firm

Cece Nunn - Jul 19, 2018

New Businesses Open, On The Way To Beau Rivage Marketplace

Cece Nunn - Jul 20, 2018

Airport Terminal Expansion Project Set To Move Forward Ahead Of Schedule

Christina Haley O'Neal - Jul 19, 2018

Mermaid Cove Opens New Store In Wilmington

Johanna Cano - Jul 20, 2018

Wilmington Based Atlantic Packaging Buys Maryland Company

Christina Haley O'Neal - Jul 20, 2018

In The Current Issue

PPD Introduces New Patient Enrollment Model

Wilmington-based PPD recently introduced a new patient enrollment model “that significantly reduces the time and cost of conducting clinical...


Sharks Baseball Takes Bigger Bite

The 20th anniversary of Wilmington Sharks baseball in 2017 came with somewhat of a reboot, led by new owners and a renewed focus on improvin...


SBA Pilots Streamlined Disaster Lending Program

With hurricane season officially upon us, the U.S. Small Business Administration has announced the launch of a new quick lending program aim...

Book On Business

The 2018 WilmingtonBiz: Book on Business is an annual publication showcasing the Wilmington region as a center of business.

Order Your Copy Today!


Galleries

Videos

2018 Power Breakfast - Dishing on the Restaurant Biz
2018 WilmingtonBiz Expo - Keynote Lunch with Eric Dinenberg, Rouse Properties
2017 Health Care Heroes