Discover how the Wolfpack Investor Network played a pivotal role in raising capital for NC State MBA startup Tethis, expanding its support and connections.
Introduction
Securing funding is a critical milestone for any startup, and the journey can often be daunting. At North Carolina State University (NC State), the Wolfpack Investor Network (WIN) has emerged as a beacon of support for entrepreneurs seeking NC State startup funding. This blog explores how WIN facilitated Tethis’ largest capital raise, demonstrating the power of investment networks in fostering successful ventures.
The Wolfpack Investor Network: Bridging Investors and Entrepreneurs
What is WIN?
The Wolfpack Investor Network is an alumni-driven angel investment group that leverages the expansive NC State community to connect startups with potential investors. Operating from the James B. Hunt Library on Centennial Campus, WIN focuses on providing not just capital but also mentorship and strategic guidance to emerging businesses.
Mission and Vision
WIN’s primary mission is to create a symbiotic relationship between investors and entrepreneurs within the NC State ecosystem. By offering a platform that emphasizes flexibility and adaptability, WIN ensures that startups can pivot and evolve in response to changing market dynamics, much like Tethis did.
Tethis: A Journey of Innovation and Adaptation
From Water Filtration to Biodegradable Materials
Tethis, an NC State MBA startup, initially developed technology using corn-based fiber to filter pollutants from water used in fracking. However, recognizing the shifting landscape, Tethis pivoted to producing biodegradable absorbent materials for diapers. This strategic shift not only aligned with market needs but also enhanced the company’s appeal to investors.
The Role of WIN in Tethis’ Success
WIN’s support was instrumental in Tethis’ transformation. Through WIN’s extensive network, Tethis connected with diaper companies that provided invaluable feedback, enabling the startup to refine its product offerings. This collaboration culminated in a remarkable $17.6 million capital raise—the largest investment WIN has made in a single venture to date.
WIN’s Comprehensive Diligence and Mentorship Process
Rigorous Due Diligence
WIN employs a meticulous due diligence process led by Lisa Chang, director of Technology, Entrepreneurship, and Commercialization (TEC) at Poole College. Graduate students and faculty collaborate to assess each startup’s potential, ensuring that only the most promising ventures receive investment.
Mentorship and Strategic Guidance
Beyond financial support, WIN members bring their expertise to the table, offering mentorship and strategic advice. Tethis benefited from the guidance of Chris Evans, an experienced entrepreneur and WIN mentor, who now serves as the company’s executive chairman.
The Impact of the Largest Capital Raise for Tethis
Accelerated Growth and Market Expansion
The $17.6 million investment provided Tethis with the resources needed to scale operations, expand its product line, and explore new market opportunities. This capital injection not only fueled growth but also validated the company’s pivot and business model.
Strengthened Network and Continued Support
WIN’s investment extended beyond financial backing. Tethis gained access to a broader network of supporters, investors, and industry connections, fostering an environment of continuous growth and innovation.
Conclusion
The collaboration between NC State’s Wolfpack Investor Network and Tethis exemplifies the profound impact that dedicated investment networks can have on startup success. By providing not only capital but also mentorship and strategic guidance, WIN empowers entrepreneurs to navigate challenges and seize opportunities effectively.
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