VentureNotes: Council Capital, Solidus at Work
By Milt Capps updated 31 August 0719
COUNCIL CAPITAL-backed NuScriptRX, the Nashville-based mail order institutional pharmacy, has reached a $30MM revenue run-rate and has closed on a growth-oriented $5 million Series C add-on led by Council and its TNInvestco arm, Council & Enhanced Tennessee Fund, according to a Council Capital press release. Other participating investors include Clayton Associates, Council Operating Partner Chip Lacy, Envest (Virginia Beach, represented by David Kaufman), and, three other TNInvestco funds - NEST-TN (affiliate of Relevance Capital, Tullahoma); Tennessee Angel Fund (affiliate of Nashville Capital Network) and Innova Fund (Innova Memphis), and another investor whose identity was not disclosed. NuScriptRX recently announced its appointment of CEO Don Taylor, succeeding Ed Mercadante; and Jim Beaumariage, a 25-year veteran in pharmacy and healthcare management. Council also recently announced its appointment of Rick Apple as director of its TNInvestco fund. Earlier, Council reported a portion of the round's raise with the SEC. Council was co-founded by Denny Bottorff and Katie Gambill. NuScriptRx, then known as New Day Pharmacy, was acquired by Council et al out of bankruptcy proceedings, in 2009.
SOUTHERN ALPHA (SA), which aims to cover technology and entrepreneurship in the Southeastern U.S., is being launched by Solidus Co., the Nashville-based venture-capital company that has been lead investor in Southcom Communications, which owns regional alternative weeklies, including Nashville Scene; as well as NashvillePost.com and other properties. Solidus Partner and Jumpstart Foundry co-owner Vic Gatto is a member of the board, which is chaired by Jumpstart managing director and co-owner Marcus Whitney, who is based in Boston with frequent visits to Nashville, as CTO with startup Moontoast, Gatto confirmed today. [An SA spokesman said after publication of this story that Whitney is now once again based in Nashville, with frequent trips to Boston.] SA Editor in Chief is Walker Duncan, who holds share options in the publication, is a former NashvillePost.com writer and a son of Solidus founder Townes Duncan. Solidus TNInvestco and all other Solidus funds are among owners of SouthernAlpha, Gatto said. Editor Duncan said in a flyer handed-out to passers-by during Jumpstart's investors day, Aug. 23, that the new site's online news function is set to begin this week, with geographic expansion and added features due to appear, soon. Announcement of the new service follows increased in-state tech and entrepreneur coverage by the state's existing mainstream media and by Nibletz.com, Teknovation.biz and four-year-old VentureNashville. VNC