New Investment Fund Will Target The ‘Tweeners’ Of The Triangle’s Startup Scene

Zachery Eanes
The News & Observer (Raleigh, N.C.)

WWR Article Summary (tl;dr) As Zachery Eanes reports, “Influential Triangle entrepreneur Scot Wingo is launching a new investment firm focused on the region’s fastest-growing technology startups.”


Called the Triangle Tweener Fund, the fund will seek out startups that are small but primed for growth, targeting so called “tweener companies,” which have revenues of at least $1 million or employ more than 10 people.

That definition is based on a running list of Triangle startups that Wingo publishes every year. There will be some flexibility on the lower end, Wingo said, noting that a company with an experienced CEO might get an investment before meeting the criteria.

Wingo, the founder of mobile car servicing startup Spiffy and the e-commerce company ChannelAdvisor, has been active in the region’s startup scene since the 1990s.

Since 2015, he has published his “Tweener List,” which has grown rapidly in the past five years, as Raleigh and Durham have gained attention as a hub for startups. A company graduates from the list, if they reach $80 million in annual revenue or have 500 employees.

In 2015, just 50 companies met the criteria of the list. The latest edition counts 227 “tweeners.”

“Think of Triangle Tweeners as the ‘Goldilocks’ companies in the Triangle — not too small and not too large,” Wingo wrote in the most recent edition. “These are our future breakouts, big fund-raisers, acquisition targets and (fingers crossed) IPOs.”

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