Nashville Capital Network (NCN), an early-stage investment platform that leverages a proprietary network of professional investors to support promising, high growth companies, announced today that it has closed on its fourth private venture capital fund, NCN Fund IV.
The new fund has commitments in excess of its $70 million target, according to an April 13 NCN press release, lightly edited and hyperlinked here by VNC. Updated: NCN on April 14, 2022, filed NCN Fund IV and NCN QP Fund IV reports.
VNC notes that as of April 13 Crunchbase says NCN raised an aggregate $65.2MM across four earlier funds, a tally that includes the vintage 2010 Nashville Tennessee Angel Fund.
NCN Fund IV investors -- "NCN Partners," which includes founders and executives associated with Tennessee businesses -- will help management identify, evaluate, and ultimately oversee the investments made by the new Fund IV.
Fund IV portfolio companies will benefit from access to the collective networks and expertise of NCN Partners who previously led such companies as HCA, Gaylord Entertainment, Healthways, HealthSpring, Passport Health, naviHealth, Change Healthcare, Vaco, and others.
Additionally, many of the leaders from successful NCN portfolio investments have joined the Fund IV as investors, including individuals from Aspire Health, Emma, Confirmation.com, Trilliant, Care Team Connect, Horizon Resource Group, EnableComp and others.
NCN is led by Managing Partners Sid Chambless, who joined NCN in 2003, and Chase Perry, who joined in 2010. Tom Wylly, senior partner in Brentwood Capital Advisors, is chairman of the board of NCN.
NCN has supported many notable companies from the early stages through exit including Aspire Health (acquired by Anthem), Emma (acquired by Insight Partners), Digital Reasoning (acquired by Smarsh), Contessa Health (acquired by Amedisys), EnableComp (acquired by Argo Health), AxiaMed (acquired by Bank of America), Confirmation.com (acquired by Thompson Reuters), Horizon Resource Group (acquired by Provista), and others.
NCN currently has active investments in companies including Ambition, Bellhop, CareHarmony, Cloudbeds, Concert Genetics, Groups360, JumpCrew, LiveSchool, Main Street Health, ModifyHealth, On3, Outsider, QHR Health, Spiny.ai, Trilliant, Upfront Healthcare, XOi Technologies, and XSOLIS.
"Our targets are fast growing companies that typically have $1MM to $3 million in revenue, proven management and are raising their first round of professional capital," said Chambless. "Our business model has proven to accelerate entrepreneur success while delivering attractive returns to investors. With the new fund we plan to continue investing in the same stage and size of companies that we have in the past."
Said Perry, "We have recruited an incredible group of investors for NCN Fund IV. Our Partners have led some of the most successful health care and technology companies in this region. They are committed to playing an active role in helping identify and accelerate the companies we support, which is a powerful resource."
Since launching in 2003, NCN has supported 56 companies with nearly $100 million. Those companies have gone on to raise $1.3 billion in growth capital from many of the leading venture capital and private equity firms in the country. NCN-supported companies have achieved collective enterprise values of more than $5 billion, said today's release.
NCN is described as a partnership of more than 100 professional investors, most of whom have been founders and executives of highly successful companies. By leveraging the experience and expertise of the individuals within its partnership, NCN is able to identify, develop, and support promising, high-growth companies.
NCN manages funds including NCN Angel Fund I, NCN Angel Fund II, Tennessee Angel Fund, NCN Partners Fund, and NCN Fund IV.
The NCN website is here. Today's full release is here. ###
.last edited 14 April 2022 1612