NEXT Founderville Fund: Fueling Greenville’s Startup Ecosystem
NEXT, a Greenville-based organization, has launched a $6 million capital fund called Founderville in January 2023. Since its inception, Founderville has already invested nearly $3 million in several companies, with more on the horizon. However, Founderville is not just a typical venture fund focused on financial returns, according to co-founder Shay Houser.
The unique aspect of Founderville is that it is made up of 45 investors from Greenville who are former founders or C-level executives of other venture-backed or private equity funds. These investors are not only providing funding but also offering their time and expertise to the companies they invest in.
Competition for funding from Founderville is fierce, as they aim to attract tech startups from the Carolinas and Georgia for a one-year residency program at Flywheel Greenville, in partnership with Furman University’s The Hill Institute for Innovation and Entrepreneurship. The goal is to grow the fund to $12 million and add eight companies a year for the next decade.
Houser emphasized the importance of building a strong startup ecosystem in Greenville to ensure the city remains competitive and attractive to the next generation of founders. With data showing a potential demographic shift towards an older population in Greenville by 2030, Houser believes it is crucial to invest in tech and innovation now to secure the city’s future.
One key aspect of Founderville’s impact is the ripple effect of their investments. By investing in a company, Founderville attracts additional funding from other sources, which in turn benefits the local economy through increased business activity and job creation.
Overall, Founderville’s mission is not just about financial returns but about fostering a thriving tech community in Greenville that will benefit all stakeholders involved. With a focus on long-term growth and sustainability, Founderville is poised to make a significant impact on the city’s entrepreneurial landscape.