Venture Notes - Dec. 3, 2025 - Venture Nashville

► LONGTIME BAKER Donelson attorney Bruce Doeg on October 9 became chairman of the board of directors of Tennessee Technology Development Corporation dba Launch Tennessee, a nonprofit organization that was created in 1997 by legislative action of the Tennessee General Assembly. Doeg has served as a de facto LaunchTN director nearly 18 years, according to blogposts here and here. Doeg succeeds the nonprofit's former chairman, Stuart McWhorter, who recently became Tennessee's Deputy Governor, atop his continuing service as commissioner of the Tennessee Department of Economic and Community Development. Doeg is not the first private-sector executive to chair TTDC/LTN, though beginning during the Administration of Tennessee Governor Bill Haslam, the board's helm was held by a succession of state commissioners of economic development. On more than one occasion, McWhorter--a longtime venture capital and Angel investor with obvious passion for disciplined innovation--has made clear he sensed fresh opportunities to increase private-sector involvement in both oversight and funding of LaunchTN. Both McWhorter and Doeg have for years worked closely with LaunchTN CEO Lindsey Cox MBA, who has served the nonprofit and its network partner, The Company Lab (Chattanooga), for more than ten years.

► The updated Southeast Capital Landscape Report is out today from Build in SE and Embarc Collective. Read Ryan Pellegrino and Evan Prislovski's post, right here.

Bill Nutter

► WILLIAM J. "Bill" NUTTER, managing partner of Resolute Capital Partners, recently made initial SEC filings for the private-equity firm's Fund VI, which VNC research suggests is likely to target raising north of $400MM. Its website says the firm typically invests $5MM-$40MM in the form of subordinated debt and equity to support later-stage growth, management buyouts, strategic acquisitions, leveraged buyouts and recapitalizations. Its priority target criteria are U.S.-based businesses with strong management, advisors and sponsors, plus revenues totaling $5MM-$150MM, with EBITDA of $1MM-$10MM, among other factors. The firm announced its plans for Fund VI on Feb. 10. See VNC's previous Resolute coverage.

► PE: Nashville-based ARCLINE Capital Partners IV AL Co-Invest LP of Nashville and San Francisco recently filed a placeholder for a Fund IV affiliate, with no target for a raise. In March 2023, Arcline Capital Partners III reported aggregate commitments of $4.5BN. Kirkland & Ellis were its advisors. The filing for Fund IV carried Arcline Investment Management CEO Rajeev Amara and President Shyam Ravindran.

Tod Fetherling

► NASHVILLE-based VITLrx Inc., a startup that offers a platform for E-prescribing management, filed with the SEC today on completion of a roughly $7.5MM equity raise from four investors. See VITrx solutions here. Aboard the filing are Founder-CEO Charlie Jordan and long-time serial entrepreneur and tech-sector leader Tod Fetherling, who is a VITLrx board member. The company's team also includes entrepreneur and Chief Strategy Officer Mark Montgomery, see others here.

► Franklin-based Pure Equity Venture Fund, with Richard Whitmer shown as GP of the managing member, today filed a placeholder for a $10MM equity raise, SEC here.

► REIMAGINE CARE, founded in Nashville in 2020 by Devin Carty and Aaron Gerber of Martin Ventures, is a provider of in-home cancer care and nursing services. Founded in 2020, it has reportedly raised $27.4MM to-date. Its most recent SEC filing was November 19.

► IN FRANKLIN, Maverick Group Investments's Mav High Yield Fund I filed on its plans to raise $50MM in equity capital, an effort apparently related to advancing the Maverick Fund's real estate deal aggregation platform, which is meant to support sorting of investments by high net worth individuals. The Franklin-based firm prioritizes high-yield rest estate investments, with focus on hospitality, workforce housing, and cash-flowing assets. Maverick Fund prioritizes investing "purpose-driven capital that transforms communities and people." The raise had $750K in from two investors as-of Nov. 20. John Citrin Cascarano, Zackry Cooper, and Nathan Stoops are associated with the filing.

► VITALIZE Venture Capital, led by Chicago-&-Nashville-based Managing Partner Gale Wilkinson MBA, prioritizes investing in pre-seed and seed B2B software focused on "the future of work," and now investing from its $23MM Fund II (Fund I was $16MM). Wilkinson also help run a Vitalize Angels group, 2021-2025.

► MEMPHIS-BASED FEDEX INC. co-led a $160MM C round for electric vehicle manufacturer Harbinger, based in Garden Grove, Calif. Release here. Other C-round co-leaders included Memphis-based VC/PE Ridgeline, among others.

Patrick Girouard

► Insuretech: District Cover Inc., a Nashville tech-platform enabled insurance company providing policies for small businesses based in urban areas, recently reported raising $6MM. According to its press release, the round was led by IA Capital, Mosaic and Impact America Fund, with further participants including Andreessen Horowitz (a16z), AmWINS, Liquid2 Ventures, Anthemis, Foxe Capital, Greenlight, Maschmeyer Group Ventures and Vantage Risk. The company has raised at least $13MM total since its 2022 founding. The Founder-CEO: Patrick Girouard.

► Bernstein Private Wealth Management CMO Marshall Butler, based in the Bay Area, discusses in a recent Deloitte-sponsored piece in The Wall Street Journal how AI, chatbots and the rest have become recognized as key to marketing to UHNWIs. Butler's unit operates independently as an arm of Nashville-based Alliance Bernstein.

► BRAD SHEPARD MBA, founder and executive of local Lahzo (dba for 18-month-old Big B Corporation) filed with the SEC in October on completion of his $1.6MM SAFE raise from four investors. The Nashville firm's "AI Sales Agent" and "always-on brand ambassador" supports targeted direct marketing and conversion by companies with "complex sales cycles." At presstime, the Lahzo site says the company is recruiting for sales personnel who'll target the RV and Healthcare markets. The Lahzo brand was trademarked earlier this year by NYC-based Schwartz IP.

► AI METRICS INC. says it has a cancer-first radiology AI solution for improved efficiency and accuracy in radiology imaging reads. It was created in 2019 by radiologist and serial co-founder Andrew Smith MD PHD and his colleagues. Smith's profiles indicate he is chair of radiology at Memphis's St. Jude Children's Research Hospital and a former vice chair for innovation in radiology at UA-Birmingham. In November, AI Metrics reported raising $952K from 20 investors, in addition to having previously raised nearly $2MM or more during 2020-22.

► MEMPHIS-based DeFI Solutions & Services filed Nov. 21 on a pre-seed $2.5MM equity-capital raise, coincident with its launch of its Web 3.0-friendly LedgerLink, which says it offers "Secure, compliant solutions for tokenization and blockchain integration" to enable stablecoin payments and smart contracts for financial institutions. The Co-founders are Chairman Austin Vincent and CEO is Greg Sossaman.

► Cleveland, Ohio-based Smart Business, which will hold its 7th Middle-Market M&A Conference in Nashville on Feb. 5, 2026, was recently acquired by San Diego-based Vistage, which is described as the world's large subscription-based CEO coaching and peer advisory organization.

Hometeam's Jacksons

► THE BOLD: Two Nashville founders, Kevin and Samantha Jackson, filed with the SEC for their Lakeside Group LLC's Hometeam Pizza I series via Wefunder SPV LLC, citing a modest base target of $40K. They report revenue having doubled in each of the past three years. The originally operated from Nashville's Citizen Kitchens, which they joined in 2019 after home-based testing and pre-marketing of their homemade dough, sauce, ricotta base and proprietary ranch dressing, during 2019-21. They say they'll soon begin their family-friendly pizzeria and catering operations at 2017 Belmont Blvd., across from Belmont University's Fisher Center. Wefunder page.

► STARTUP resource: Northern Kentucky-based Brad Zapp CFP is associated with Connetic Ventures and with Connetic-aligned and AI-powered Wendal Inc., a platform that automates investor diligence regarding startup founders' requests for venture funding. Wendal's CEO is Kyle Schlotman. Zapp recently completed a $500K raise. Our previous notes on Wendal.

► MEMPHIS-BASED Heinz Ventures Fund I LP recently reported having raised $808K thus far toward its $10MM goal, led by Eric Heinz. Previous VNC coverage of medtech-oriented Heinz.

► VESSEL Capital LLC in Franklin, Tenn., was formed in August and has filed with the SEC on a planned $10MM raise. Associated with the filing are Knoxville-based Justin Allen, and Nashville-based Max Corwin and Joshua Silverberg. Preliminary VNC research findings were inconclusive, but seemed to point to a faith-based business initiative. This story will be updated, as warranted.

► Tennessee-bred SPAC spawned : Memphis's Live Oak Merchant Partners sponsored Live Oak Acquisition Corp. V (NASDAQ:LOKV) and recently announced entering definitive agreements related to the business combination of LOACV and New York City-based fintech Teamshares Inc., aiming for eventual listing as "TMS" on Nasdaq. Target for deal closure: 2Q CY26. Teamshares' release here. Teamshares had raised more than $300MM through its Series E raise, dozens of backers, including Khosla Ventures and Union Square Ventures (USV). A recent press release said, "Teamshares is a tech-enabled acquiror of high-quality businesses, intending to be a permanent home for businesses. Described as part holdco, part fintech, Teamshares programmatically acquires companies with $0.5 to $5 million of EBITDA from retiring owners, integrates them with the Teamshares platform, and helps employees earn company stock. Founded in 2019, Teamshares operates subsidiaries with consolidated revenue of over $400 million across over 40 industries and 30 states." The transaction values Teamshares "at a pro forma enterprise value of $746 million (pre-money equity value of $525 million) and is expected to deliver up to $333 million of net proceeds through a $126 million private placement (“PIPE”) of common stock anchored by accounts advised by T. Rowe Price Investment Management, Inc. combined with Live Oak V’s cash in trust (assuming no redemptions by Live Oak V’s public shareholders and after accounting for transaction expenses). The transaction is 100% primary, with net proceeds utilized to acquire new operating subsidiaries and drive compounding growth. The Company’s executive team has agreed to a lockup of up to four years (subject to early release based on the Company’s performance). ADVISORS: Santander US Capital Markets LLC is serving as financial advisor and capital markets advisor to Teamshares as well as the PIPE placement agent. Latham & Watkins LLP is serving as legal advisor to Teamshares. Davis Polk & Wardwell LLP is acting as legal advisor to Santander US Capital Markets LLC. NYC-based Ellenoff Grossman & Schole LLP is serving as legal advisor to Live Oak V. Live Oak Merchant Partners here. VNC

. last edited 1449 3 December 2025

Venture Notes - Dec. 3, 2025

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