Tennessee Angel Fund (TAF) is a statewide angel co-investment fund launched as part of the TNInvestco program. Tennessee Angel Fund leverages the experience, expertise and capital of a network of angel investors to grow Tennessee-based early stage companies. The fund is managed by a group of committed investors representing Nashville Capital Network, Chattanooga Renaissance Fund, and other individual investors and informal angel groups throughout the state.
Key differentiators of Tennessee Angel Fund Strategy:

  • Tennessee Angel Fund is built on a six year old platform established by NCN.
  • Founded to fund Tennessee-based seed and early stage ventures, mentor entrepreneurs, and facilitate connections to next stage capital.
  • Leadership of Tennessee Angel Fund is comprised of active angel investors.
  • Investors were selected for their track records and commitment to seed and early stage investing throughout Tennessee.
  • The fund requires meaningful investment from all investment managers and advisors.
  • Participating individuals and groups are motivated to actively participate in the fund to ensure success.
  • Tennessee Angel Fund creates a sustainable solution for the state.
  • Provides vehicle for successful entrepreneurs to give back through angel investing and mentoring.
  • Endows future operations of Tennessee Capital Network and NCN through meaningful share of distributions (12.5%).
  • Statewide initiative gives exposure to angels and entrepreneurs in all parts of the state.
  • Investment committee and advisors represent diverse industries and geography.

TNInvestco

TNInvestco was established in 2009 and expanded in 2010 by the State of Tennessee to create jobs by increasing the flow of capital to high-growth, early stage companies in Tennessee. For more information about the program, please visit the state of Tennessee website:www.tninvestco.gov For Tennessee small and start-up businesses to qualify to receive investment funds from a TNInvestco, a business must meet the following requirements:

  • The business must be independently owned and operated.
  • The business must be headquartered in Tennessee; its principal business operations must be located in Tennessee, and at least 60% of its employees must be located in Tennessee.
  • The business must not be principally engaged in professional accounting, medical, or legal services; banking or lending; real estate development; insurance; oil and gas exploration; or direct gambling services.
  • Additionally, demonstration of a high-growth potential will be an important qualification for receipt of funding.
  • The business must employ no more than 100 employees.

Minority & Women Owned

Minority & Women Owned Businesses
Tennessee Angel Fund and our portfolio companies shall strive to maximize the participation of minority-owned businesses and woman-owned businesses to reflect the racial, ethnic and gender diversity of Tennessee’s population. Additionally, TNInvestco is an equal opportunity program and does not discriminate in employment or investment on the basis of race, color, religion, sex, national origin, citizenship status, age, disability, political affiliation or belief.

Through the TNInvestco program, Tennessee Angel Fund has capital available to invest in businesses including, but not limited to, minority-owned businesses and woman-owned businesses pursuant to the restrictions in the Tennessee Small Business Investment Company Credit Act. Each TNInvestco, including Tennessee Angel Fund, shall coordinate its efforts to strive to maximize participation in minority-owned businesses and woman-owned businesses with the efforts of the State of Tennessee’s Department of Economic and Community Development (ECD).

“Minority-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more individuals who are members of any racial or ethnic minority within the state and whose management and daily business operations are under the control of one (1) or more members of any racial or ethnic minority within the state.

“Woman-owned business” means a business that is wholly owned, or at least fifty-one percent (51%) of the assets or outstanding stock of which is owned, by one (1) or more women and whose management and daily business operations are under the control of one (1) or more women.

Additionally, the ECD has the Business Enterprise Resource Office (BERO) that offers procurement assistance and development opportunities to small and minority- and women-owned businesses. For more information on BERO, click here.