Venture Notes - April 25, 2025

By Milt Capps

Published April 25, 2025

Alfred Milan

FINTECH: ALFRED MILAN, founder and CEO of Memphis startup Express Wages LLC, told VNC today that he has completed a formal agreement for $4MM in convertible-note financing from a Memphis investor who asked their identity not be publicized at this time. Express Wages allows employers to give employees access to their wages before regular paydays. Milan also said he recently exited his beta phase and landed his first fully commercial customer: Mellow Mushroom. Mellow stores are franchised by Georgia-based Home Grown Industries Inc. ExpressWages had a $14.5MM pre-money valuation. Milan recently completed Nashville Entrepreneur Center's Project Fintech. See VNC's original indepth story here.

Wesley Belden

FINTECH: Nashville's Raise Financial Inc., led by Co-founders CEO Wesley Belden and Patrick Cason, is pursuing a $1MM pre-Seed SAFE offering, after self-funding since 2023. It recently completed its in-market beta. Its Investment and Education products are scaling, powered, as we understand it, by its Raise's capital partnership with one undisclosed family office. Raise Financial was a category finalist in the Nashville Entrepreneur Center's NEXT Awards, in both 2023 and '24, and Belden had joined a Nashville EC program in 2013, as he launched his former Waffle consumer-engagement business. In 2023, Raise Financial was one of 22 teams admitted to the 2023 Barclays Techstars fintech accelerator at the Rise facility in NY City. Barclays cited fintech sector maturation as contributing to its decision to shutter Barclays Rise program sometime this year.

FINTECH: Nashville-based MyVFO Inc., led by Dale Veitch and Kristopher Miller of Nashville and Rona Fingold and Kristopher Miller -- all associated with Lexington Financial/Life Management LLC -- filed for a $3MM raise for virtual family office (VFO) tech play, with nearly $1.1MM in from five investors. Currently, details on MyVFO -- which aims to help integrate life and financial management in the hands of a variety of tech-forward advisors -- are located on this beta-stage website.

Bill Frist

NINE-YEAR-OLD Frist Cressey Ventures (FCV) co-founders former U.S. Senator Bill Frist MD and VC/PE veteran Bryan Cressey of Chicago are associated with the initial SEC filing regarding Delaware-chartered FCV Main Street Health Warehouse LLC, which on April 17 reported raising equity capital totaling $32.1MM, from two investors. We note that closely aligned Main Street Health LLC, based in Nashville, "is a value-based healthcare company focused exclusively on serving rural Medicare Advantage members using a risk-bearing care delivery model in partnership with local providers and pharmacies," according to the FCV portfolio page. Main Street Health, which was formed in 2019, raised $315MM in 2023, after establishing a $1.2BN pre-money valuation. Addressing a recent gathering for the Nashville Business Breakfast at Lipscomb University, Frist reviewed the missions and track records of FCV portfolio companies Carebridge, Monogram Health and Main Street Health, and noted en passant that FCV will soon kick-off its Fund IV, which apparently has a current target of $400MM. FCV's vintage-2022 Fund III ultimately had an announced $300MM target, and Fund II (v.2018) raised at least $62.1MM toward reported initial initial $80MM goal. Other Mainstreet coverage.

EVENTECH: CHATTANOOGA-based eventech startup Totem Inc. recently announced raising $1.3MM in pre-Seed funding among angel investors that is being dedicated to scaling production, supply chain and internal team, following its earlier successful rollout of its Festival Compass devices. Co-Founders Carter Fowler and Chase Lemonds hold ownership control. A larger institutional Seed raise recently commenced. There are Totem users in at least 50 nations. Atrocious violence during festivals in the U.S., Israel and elsewhere has been a significant factor contributing to interest in Totem's current and impending products and services. The founders and approximately 30 Angels (including perhaps four based in Tennessee) have provided Totem's funding, thus far. VNC research indicates just four Tennessee-based Angels have stepped forward, thus far. Management has said Totem's main competitor is Apple, which fields AirTag and the FindMy app. Totem has filed for several provisional utility and non-provisional utility patent for its proprietary technology.

Adam Schlossman

BASA FUTURA INC., with its principal office in Nashville, seems to be coming out of stealth mode and stepping-up its engagement with decision-makers across creative sectors. Basa provides a provocative sample demo of its offerings online. They explain their digital tools have been developed to help dealmakers connect with brands, influencers, talent, agents and others with critical roles -- and then help them establish content requirements, track right-sized talent, negotiate digitally real-time or asynchronously on multiple fronts, hone contracts, and execute productive deals. At one point, the founders assert on the Basa blog that their believe that by "empowering creators to experiment with AI, we can help shape a future where technology enhances rather than replaces human creativity." Toward such ends, Basa Co-Founders Adam Schlossman of Nashville and Chicago-based Ryan Buterbaugh filed a few weeks ago for an $800K SAFE-based financing, and why, 10 months ago, they filed on plans to raise $100K. SEC Filings. Basa was registered in Delaware in May 2024 and in Tennessee a month later. See the mostly video Basa primer here.

Elizabeth Hoff

SOMAVAC Medical Solutions, led in Memphis by CEO Elizabeth Hoff, recently filed on its planned $9.6MM raise, showing $8.4MM in from 78 investors. SEC: Somavac. It offers a wearable device that manages post-surgical fluid drainage, reducing the need for manual bulb drains. VNC research suggests Somavac has raised roughly $13MM in dilutive and nondilutive funds since inception. Investors over the years have included Innova Memphis, ZeroTo510, BioTN Foundation, Tennessee Technology Development Corporation dba Launch Tennessee and others. In addition to Hoff, those associated with the latest filing were COO Phil Ryan, and directors Jane Berz, Jean Holloway, Bill Martin and Scott Moore. Somavac Co-Founder and former Chairman and CEO Esra Roan PhD departed in 2023, and in 2024 joined Corami Biotech as CEO, president and director. Corami addresses therapeutic delivery and placement for treatment of heart disases. SEC: Corami.

Corey Johnson

COREY JOHNSON MBA, CEO of Care Eco Corp, on April 21 filed on a nearly $2.5MM equity capital raise, bringing the Brentwood-based company's total capital since inception in 2020 to approximately $5MM. CareEco's "EHR-agnostic" software focuses on missed revenue, coding audits, underpayment, level of service improvement, care gap automated outreach, and other factors, to reinforce care and improve revenue cycle management. Also associated with the filing is Joe Hutts, a veteran of HCA, Intuitive Health, BreatheAmerica and Phycor. Also associated with the filing were Pridhviraj Nandarapu, Ram M.R. Neelapu and Rajesh Aggarwal.

Jonathan Kirkwood

BITCOIN: TEN31 LLC in Nashville filed this week on completion of its $46.3MM SATS Credit Fund LP. Ten31 offers an investment platform "dedicated to companies building infrastructure and technology in the bitcoin ecosystem"; and, it says it "invests in and partners with next generation companies building foundational technologies for the financial and informational infrastructure of the future." It has Bitcoin Park presence in both Nashville and Austin. Yesterday's SEC filing was by Ten31 Co-founder and Managing Partner Jonathan Kirkwood. In 2024, Kirkwood also reported raising $5.05MM via his Ten31 Join the Fold LLC filing.

MAX FULLER, a cofounder of trucking giant U.S. Xpress, has donated $5 million to the University of Tennessee at Chattanooga's Center for Innovation and Entrepreneurship, which will now bear the donor's name, as first reported by Chattanooga Times Free Press. Max Fuller is a UT Chattanooga distinguished alumnus and is father of Craig Fuller, most recently the founder of Chattanooga-based Freightwaves and its holding company, Firecrown. Prior to FreightWaves, Craig Fuller was the founder of TransCard, a provider of fleet fuel and debit cards. Max Fuller's father was Clyde Fuller, who founded Southwest Motor Freight and other businesses.

John Ricketts

AGYL AI INC., in Nashville, this week reported having raised nearly $3.2MM of its targeted $3.7MM raise from investors taking options, warrants or right to acquire other securities. AGYL Labs is Agyl's "collaboration and joint ventures arm." Its business lines are articulated here. The company, fka Writerly Technology, is led by Jon Ricketts JD MBA, who moved its HQ from London to Nashville in 2022. Ricketts is also cofounder of EKOM and fintech Finpace Technology (fka BA Platform Holdings), the latter of which which is led by CEO Forrest Tuten. AgylAI's advisors include attorney Shayn Fernandez. Other VNC coverage.

YARBROUGH Capital LLC filed April 14 a 13F for the family office of Nashville tech entrepreneur Jon Yarbrough, reporting total holdings valued north of $2.3BN. At the end of CY2024, his 13F showed $2.6BN holdings. Yarbrough founded Video Gaming Technologies (VGT) in 1991 in the Nashville area and in October 2014 sold VGT to Australia-based Aristocrat Leisure for a reported $1.3BN cash. VNC Yarbrough coverage.

TOPBINS Franklin Inc., which aims to create a network of soccer camps for all ages, wsa founded by CEO Chris Woods in Williamson County. It is about halfway to its $124K max offering target via WeFunder, and apparently has other capital-raising efforts afoot, in parallel.

ENERGY: NOVASTUS, a Cookeville-based provider of services for renewable energy, filed for an $800K debt raise. CEO Jakob Suski, Ricardo Angel, and President Kelly Warbis are on the filing. Novastus (fka EKAMORE Resource Corp). Team here.

Miller Morris

THE COMMA COLLECTIVE ("Comma"), the Nashville startup focused on secure and sustainable menstrual care with HIPAA-compliant tracking and biodegradable tampons, is viewed by some as a platform capable of expanding as a sustainable-wellness and -fitness entrant. By VNC's estimate, by the end of its latest capital raise the company is likely to have received outside funding totaling perhaps $4MM investment and non-dilutive grants via Techstars Physical Health Accelerator (2023, Fort Worth), Jumpstart Foundry, Right Side Capital Management (San Francisco) and multiple angels. A majority of its angels were female at the time Comma launched Sara™, its secure period-tracking app. The company's Feb. 5 press release announcing its launch of a Seed funding round lists further innovations on its agenda. The Collective was founded by Miller Morris, who is also recognized as an advocate for enforced privacy and protection of personal data from period-tracking apps and other health information. Earlier this year, after some content related to sexual and reproductive health were removed from the Centers for Disease Controls website, Comma staff retrieved much of the CDC resources (via the Wayback Machine) and today hosts that information on its website. On her LI profile, she declares Comma is "Harnessing the power of periods to revolutionize reproducdtive health." Advisors: Comma Collective's advisors recently included attorneys with DC-based Sterne Kessler Goldstein & Fox. Related release. Note: VNC notes that Comma Catalyst, a Tennessee nonprofit public benefit corporation, was registered in Tennessee in 2021. An August 2024 article by Authority Magazine via Medium noted that Comma Collective's "sister non-profit" was The Maverick Collective. A spokesperson for Comma Collective has not yet responded to our query regarding possible links between the Comma Catalyst and Comma Collective. This item will be updated, as warranted.

Bo Bartholomew

LAST month, CEO Bo Bartholomew MBA filed on nearly $9.6MM of equity capital raised by EvidenceCare from 66 investors. A couple weeks earlier, Bartholomew had announced the company's strategic acquisition of Boulder-based Agathos, an early entrant in physician engagement and practice enablement. EvidenceCare explained that the deal coincided with completion of EvidenceCare's Series B funding, led by Orlando Health Ventures and Rockmont Partners. Other EvidenceCare investors have included Cultivation Capital, Orlando Health Ventures, and Whistler Capital Partners. EvidenceCare has raised nearly $70MM since its inception in 2014. Also on the latest SEC filing: Founder Brian Fengler MD, Caduceus Capital's David Vreeland, Rockmont's Curt Futch, Melinda Hancock, Bo Wilkes and Cyril Philip. Previous EvidenceCare and Bartholomew coverage.

Karl Zelik

HEROWEAR LLC, Nashville, filed April 7 on a raise targeting $10,138,566. The offering was structured to include new equity investments and conversion of outstanding convertible notes, with a total 44 investors noted at filing. Herowear says its core product is "a back-assist exosuit that is designed to reduce strain on the back while fitting like a comfortable piece of clothing. It features a patent-pending dual-mode technology to make it easy to turn the back assistance on or off." VNC research shows the company has about 29 FTEs and has since inception in 2018 raised north of $16MM in equity and in nondilutive funding. It has three PhDs-wielding co-founders: CSO Karl Zelik, CEO Mark Harris and Chief Innovation Office Matt Yandell. The company illustrates its global reach here. Previous VNC Herowear coverage.

Jon Meachin

MOBILITY: BIRMINGHAM-based Rarestep Inc. dba Fleetio announced raising north of $450MM, in a D-round to fund further growth, including via its acquisition of Auto Integrate (Portsmouth, U.K.). The round was led by existing investor Elephant Partners and new investor Growth Equity at Goldman Sachs Alternative. It offers "a web-based fleet management system that helps businesses get more from their moving assets. Users can log maintenance and service history online, measure fuel economy and schedule automatic reminders for their vehicles - all in one place, from anywhere," according to its Crunchbase profile. The company was registered in Alabama in 2011 and in Delaware in 2020. Founder-Executive Chairman: Tony Summerville. CEO: Jon Meachin. Its raises since inception have totaled approximately $625MM. SEC filings.

THE SOUND OF MONEY? At least three Nashvillians are associated with an SEC filing by Columbia, Md.-based Drop of Golden Sun LLC, which is preparing to tour "The Sound of Music". Nashville addresses are shown for Robert Valentine, Kent Hoskins and Amanda Molter. Margaret Daniel of Network Productions signed the filing, which showed nearly $1.9MM raised toward a $6MM goal. The securities represent interests in DGS-LLC. Rehearsals (mainly at NYC's Pearl Studios) begin in August and the first traveling performance is Sept. 5. Their cast invitation was posted here, Dec. 2, 2024. Concord Threatricals is co-producing with NETworks Presentations (NP). NP COO Margaret Daniel appears to have signed the SEC filing. Signup for NP updates.